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In: Finance

In this module, you learned about the following acts that protect consumers’ privacy and identity: Fair...

In this module, you learned about the following acts that protect consumers’ privacy and identity:

Fair Credit Reporting Act

Fair and Accurate Credit Transactions Act

Gramm-Leach-Bliley Act

USA PATRIOT Act

In addition to protecting a consumer’s privacy/identity, these acts can also impact the consumer’s ability to obtain a mortgage loan. In this discussion assignment, share your response to the following questions: Which Act best protects a consumer’s privacy or identity? Why? How does that same Act positively or negatively impact the consumer’s ability to obtain a mortgage loan?

Solutions

Expert Solution

The Fair Credit Reporting Act is a federal law that helps to ensure the accuracy, fairness and privacy of the information in consumer credit bureau files. The law regulates the way credit reporting agencies can collect, access, use and share the data they collect in your consumer reports.Creditors give reporting agencies inaccurate financial information about you. Reporting agencies mixing up one person's information with another's because of similar (or same) last name or social security number. Agencies fail to follow guidelines for handling disputes.


Consumers credit report can determine whether you can obtain a mortgage, car loan, job, and even an apartment. When creditors, debt collectors, or credit reporting agencies violate the FCRA, it can decrease your credit score, lead to a denial of credit, cause higher interest rates on loans, and more.

Here is the final conclusion fair credit reporting act protects privecy/Identity. It has moreover negative impact on consumers mortgage loans

jeff jeffy answered 2 years ago
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