The CFPB filing commends the FTC for holding D&B accountable for its manifest misconduct, and these changes will make a real difference in preventing future damage. Of course, repayments alone do not make entire companies that have lost contracts or financing opportunities as a result of these practices. The CFPB and FTC will work together to ensure that small businesses are treated fairly when it comes to accessing credit. You can create business loans by obtaining loans or accounts from businesses that regularly report payment history to the companies` major credit bureaus. Then, pay on time, over time, and monitor the accuracy of your reports. If that`s your only goal, you`re one step ahead of most business owners who don`t actively build business loans. Communication on adverse measures. The FCRA states that if a person accesses a consumer report and takes any adverse action, in whole or in part, based on the information contained in the report, the consumer must receive a notice of adverse action.26 The Accelerated Funds Availability Act, as implemented by the CC Regulation, requires custodian banks to dispose of funds, which are deposited in transaction accounts, make them available according to established schedules, and disclose their policies on the availability of funds to their customers. It also sets out rules to expedite the collection and return of unpaid cheques and outlines the requirements for banks preparing or receiving replacement cheques, including requirements for disclosure of consumer information and expedited credit procedures. The Act and Regulation apply to both consumer and corporate accounts.33 Second, the Ordinance provides employees with protection against unauthorized use of a business credit card if a card issuer provides 10 or more credit cards to employees of an organization.36 TILA, as implemented by Regulation Z, aims to “ensure meaningful disclosure of credit terms, to make it easier for the consumer to compare different credit terms. and avoid uninformed use of credit…”34 The scope of TILA and Regulation Z is generally limited to consumer credit as defined in Article 12 C.F.R.
§1026.2(a)(12) and explained in the Staff Commentary. The Fair Credit Reporting Act (FCRA) regulates the consumer credit reporting industry. In general, the FCRA requires industry to report your consumer credit information in a fair, timely and accurate manner. Banks and other lenders use this information to make credit decisions. If a lender refuses you credit or increases the cost of the loan, they must provide you with the name and address of the consumer information office from which they received your report. Under the FCRA, you have the right to review this report and correct any errors in it. Read “Credit and Your Consumer Rights” on the Federal Trade Commission`s website and read the OCC`s “Credit Report Responses.” Reporting requirements for adverse actions for business loan applicants.3 While ECOA and Regulation B apply to both consumer and business credit applicants, termination requirements vary when loans are granted to a business.