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Affiliate
LAWDOG is intended to assist in the understanding of basic concepts. See Disclaimer. Always obtain legal advice from legal professionals.
A portion of Section 603 of the Fair Credit Reporting Act, as amended, excludes from the definition of "consumer report", ledger experience sharing and any communication of other information among persons related by common ownership or affiliated by corporate control, if it is clearly and conspicuously disclosed to the consumer that the information may be communicated among such persons and the consumer is given the opportunity, before the time that the information is initially communicated, to direct that such information not be communicated among such persons. A portion of Section 603 is reproduced here for illustration purposes only.
Special rules apply where adverse action has been taken based upon information provided by an affiliated entity. See "Affiliate Sharing" linked here.
A Portion of Section
603.......
Definitions; rules of construction
(d) Consumer Reports....
(2) Exclusions. The term "consumer report" does not include
(A) any (i) report containing information solely as to transactions or experiences between the consumer and the person making the report;
(ii) communication of that information among persons related by common ownership or affiliated by corporate control; or
(iii) any communication of other information among persons related by common ownership or affiliated by corporate control, if it is clearly and conspicuously disclosed to the consumer that the information may be communicated among such persons and the consumer is given the opportunity, before the time that the information is initially communicated, to direct that such information not be communicated among such persons; .....
A copy of The Fair Credit Reporting Act, As Amended, and a copy of the FTC Official Staff Commentary to the Fair Credit Reporting Act are included under "Fair Credit Reporting Resources", available from LAWDOG Credit Reporting Center, or here. Use browser return button to return. Read Notices, Caution and Disclaimer. For more information, see "Duties of Users Taking Adverse Action" linked here. Link does not return to this page.
