Consumer Law to Delete Anything Off Your Credit Report! (2024)

Report this article

Michael B.

God 1st | I help small business owners get access to 0% interest capital to start, grow and scale their business!

Published Apr 10, 2023

+ Follow

15 USC 1681b is a section of the Fair Credit Reporting Act (FCRA), which is a federal law that regulates the collection, use, and dissemination of consumer credit information by credit reporting agencies. Section 15 USC 1681b specifically addresses the permissible purposes for which consumer credit reports can be accessed and used by third parties.

Under 15 USC 1681b, credit reporting agencies are only allowed to furnish consumer credit reports to those who have a permissible purpose as defined by the FCRA. Permissible purposes for accessing and using consumer credit reports include:

Credit transactions: When a consumer applies for credit, such as a loan, credit card, or mortgage, the creditor has a permissible purpose to request and obtain the consumer's credit report to assess their creditworthiness.
Employment purposes: Employers may request and obtain consumer credit reports for employment purposes, but only with the written consent of the consumer. This typically applies to positions that require financial responsibility or access to sensitive financial information.
Insurance underwriting: Insurance companies may request and obtain consumer credit reports for underwriting purposes, such as determining rates and eligibility for insurance coverage.
Court orders and legal requirements: Credit reports may be accessed and used in response to a court order, subpoena, or other legal requirement.
Legitimate business needs: Other legitimate business needs, as defined by the FCRA, may also constitute permissible purposes for obtaining consumer credit reports. This typically requires a valid reason and compliance with applicable laws and regulations.

It's important to note that obtaining consumer credit reports for unauthorized purposes or without proper authorization is a violation of the FCRA and can result in legal consequences. Consumers have the right to dispute inaccurate or incomplete information on their credit reports under the FCRA, and credit reporting agencies are required to investigate and correct any errors.

If you have questions or concerns about the permissible purposes for accessing consumer credit reports under 15 USC 1681b or other provisions of the FCRA, it's recommended to consult with a qualified attorney or other knowledgeable professional for legal advice and guidance.

I actually have a $4.99/month private community where I discuss more credit literacy! You can text 5mentorship to 914-353-4741 to get access to this monthly mentorship program!

You are blessed, amazing and great and I hope I brought you value with this post! Feel free to share this article with a friend and let me know what you think!

Sign in

Stay updated on your professional world

By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.

New to LinkedIn? Join now

Insights from the community

International Logistics What are the main benefits and challenges of trade credit insurance in different regions and markets?
Working with First-Time Home Buyers What are some common HOA disclosure issues that home buyers should watch out for?
Real Estate What are the common title defects and how can you prevent or resolve them?
Real Estate How can you ensure that your closing process is free of defects?
Real Estate How can you ensure a clear property title?
Working with Brokers What's the best way to choose between brokers and direct channels?
Commercial Leasing What lease clauses can protect landlords from financial risks?
Insurance How can you effectively negotiate policy renewals with policyholders?
Insurance How can you negotiate with clients who have a history of filing claims?
Insurance What are the most effective ways to address underwriter concerns?

Others also viewed

Discretionary Credit Limit - an underappreciated feature of trade credit insurance Jeramie Maxwell 4y
Keating v. Comm'r: 5th micro-captive decision entered in favor of IRS David Slenn 3mo
CFPB Issues Fall 2022Supervisory Highlights Banker's Compliance Consulting 1y
Credit Report: true or false; your story to manage Adam Smith 6y
Tool kit for credit insured businesses Aurélien Paradis 4y
Second-Year AZA Lawyers Win Complex Federal Lending Jury Verdict John Zavitsanos 6y
Understanding Closing Protection Letters in Commercial Real Estate Finance Marcelo Bermudez, CEPA 2mo
Top Five Collateral Reduction Strategies Jeff Friedrich 7y
The importance of considering Trade Credit Insurance Daniel Abbott 6y

Explore topics

Sales
Marketing
Business Administration
HR Management
Content Management
Engineering
Soft Skills
See All