FTC and CFPB Focus on Business Credit Reporting

The Fair Credit Reporting Act (FCRA) has been protecting the accuracy and integrity of consumers since its inception in 1970. The FCRA is often considered to be the original privacy statute, and its coverage is understandably limited to reports about individual consumers and not business credit reports. In recent years, the FTC and CFPB have been focusing on the business credit reporting industry.

This article by Kate White focuses on regulator’s concerns that inaccurate reports can result in small businesses’ being unable to obtain loans at favorable rates, or being denied loans or lines of credit altogether.

You can read the full article here.