Individual Project Business Law



Individual Project Business Law

Introduction

The laws including Consumer Credit Protection Act, fair Credit Collection Practices, Fair Credit Billing Act, and Fair Credit Reporting Act relate to the laws of individual project business or consumer rights and responsibilities. It is usual that thieves do their work when people do not take precautionary measure. Therefore, it is very necessary to be careful with keeping the valuable things secret and with safety. The codes and the passwords should be kept secret without disclosing it in front of others. If someone has theft the identity like the credit card number or the financial information like account balance, criminal minds will use it for their interest and against the person (BALANCE, 2011).

Fair Credit Reporting Act Affects a Business' Ability to Extend Credit

The FCRA (Fair Credit Reporting Act) guarantees that the account's financial information present in the credit report is accurate and as well as private (Credit.com, 2013). Recognized agencies by FCRA can access the information when there is a need, such as landlord, insurer, business, and creditor. It is the responsibility of the credit reporting agency to tell accurate information and data. These agencies have expected to play their role with impartiality, fairness, and keeping in mind the respect of the privacy policy for the consumer (Comptroller, 1996).

The credit cards and the debit cards widely used in the modern world for the online shopping and even in shops. This helps the client to keep them safe from theft and snatching of money or cash. Initially the people were lacking to belief in FCRA due to fear of losing information and data. With the time, when the consumers and the customers fell confidence about their identity secrecy they started using it. The bank made its use familiar and general the culture of ...