In today's business credit community, it is a common practice to review an individual's personal credit history when you are relying on that individual's creditworthiness to support your commercial credit decision. This practice is permissible and widely recognized as a sound method for determining the creditworthiness of small businesses.
Fair Credit Reporting Act Document (PDF)
According to the Federal Trade Commission, the federal Fair Credit Reporting Act (FCRA) applies when a consumer credit reporting agency, such as Experian's Information Services Division, furnishes information from its database on an individual business proprietor.
The antitrust laws describe unlawful practices in general terms, leaving it to the courts to decide what specific practices are illegal based on the facts and circumstances of each case.
Antitrust Brief (PDF)
Facts for Consumers: Equal Credit Opportunity Understanding the Laws (PDF)
The Equal Credit Opportunity Act (ECOA) ensures that all consumers are given an equal chance to obtain credit. This doesn’t mean all consumers who apply for credit get it: Factors such as income, expenses, debt, and credit history are considerations for creditworthiness.
Equal Credit Opportunity Act
The Equal Credit Opportunity Act, and the Federal Reserve Board’s implementing Regulation B, prohibit discrimination in any aspect of a credit transaction.
Fair Debt Collection Practices Act
To amend the Consumer Credit Protection Act to prohibit abusive practices by debt collectors.
Pre-Employment Credit Check Laws
A website that lists bills that have been proposed in each state & whether they have been passed or are still awaiting legislation.
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