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Consumer Reporting Agency
LAWDOG is a tool to help accounts receivable professionals. It is intended to assist in understanding basic concepts. Always obtain legal advice from legal professionals.
The term "consumer reporting agency" means any person which, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer reports to third parties, and which uses any means or facility of interstate commerce for the purpose of preparing or furnishing consumer reports. A portion of The FTC Official Staff Commentary to the Fair Credit Reporting Act is reproduced here for illustration purposes only. A portion of Section 603 including the definition of "consumer reporting agency" is reproduced below for illustration purposes only.
A Portion of Section 603 ...
(f) The term "consumer reporting agency" means any person which, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer reports to third parties, and which uses any means or facility of interstate commerce for the purpose of preparing or furnishing consumer reports. ...
