The federal Fair Credit Reporting Act and New Hampshire's RSA 359-B are designed to limit the purposes for which a report can be issued to businesses or individuals. The Lawīoth federal and New Hampshire laws restrict credit reporting agencies' dissemination of consumer credit information to only those persons with a direct and immediate need for it, and require that the credit information be current and accurate. For more information on credit records and privacy, see For Your Information … Credit Records. The questions of who has the right to gain access to the information in our credit files and what protections need to be enacted to preserve the confidentiality of that information have become increasingly important in recent years. In addition, many people consider their personal financial matters to be private and do not want them disclosed to persons who are not entitled to that information.
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Granting credit to someone who is a poor credit risk may result in the credit grantor never receiving full repayment of the debt, which raises the costs to other people borrowing from that lender. Denying credit to someone who is a good credit risk may result in that person not getting a credit card, being unable to finance a car, or buy a house. An error in a person's credit file can lead to a denial of credit for an otherwise good credit risk, or it can lead to granting credit to someone who is a poor risk. A major concern is that the information collected and disseminated is accurate. The information that credit reporting agencies collect about us and our credit transactions is, by its very nature, sensitive information. A credit reporting agency is essentially an information collector of consumers' credit payment histories, disclosing the data to those businesses or individuals with a legitimate business need for it. Creditors, employers, insurance companies, and landlords can legally gain access to information about our credit histories (who has lent us money or extended credit, how much, our repayment record, and so forth) by businesses known as credit reporting agencies or credit bureaus. While we expect credit to be readily available to us, those who lend us money and issue credit cards want to know whether we are good credit risks before extending the credit. We rely on credit to purchase houses, cars, clothing, and even restaurant meals. Preface | User's Guide | Table of Contents Registered Health Clubs & Martial Arts Schools.
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