The Fair Credit Act

One question that is continually posed in this business is whether a cash flow investor has the legal right to access a person's credit file prior to purchasing a debt instrument.  The rights of consumers are protected under The Federal Fair Credit Reporting Act ("Act"). Originally passed by Congress in 1970 and substantially overhauled in 1997, the Act regulates acceptable practices with respect to credit information, which is gathered and sold by Consumer Reporting Agencies. The Act is … [Read more...]