Under what U.S. Law are Credit Bureaus legal?

Question

I was thinking, did you ever wonder how Credit
Bureau's were allowed to come into being? Talk about
one big invasion of privacy! You just can't call and
say they're invading your privacy take your name off
of their rolls. That takes an act of Congress, better
yet an act of God!

And heaven forbid your name isn't on their rolls, you
can't buy a thing.

I mean think about it, they know everything, your
name, date of birth, SSN, where you live, telephone
number, where you shop, what you like to buy, what you
want to buy, what you drive, what you owe and where,
etc... The CIA should be so good. LOL

Why is it that you can't even rent a car without a
credit card, even worse rent something as simple as a
movie(Blockbuster, et al)cold hard cash is better is
it not? Doesn't seem so does it?

Answer 1

Your question makes a false assumption. Absent a law preventing their existence, they would be legal by default. That said, the Fair Credit Reporting Act is a Federal law regulating Credit Bureaus. The act of regulating a business, by its nature, implies the business being regulated is legal.

Answer 2

Credit reporting agencies are governed by the Federal Trades Commission, but it does not take a law being enacted for a company to be formed. There was no law that was introduced saying that it is now legal to manufacture automobiles, but there are automobile manufacturing companies in existence.
Credit reporting agencies may collect personal data, but they are necessary in an economy that depends on credit. Without credit, we would only be able to purchase things we can pay cash for, meaning that most of us would never own a car, a house, furniture, etc.
The information that is reported to credit reporting agencies is maintained under high security, so your identification information is not placed at risk.

Answer 3

by phrasing the question as you did, i presume you prefer that everything should be illegal unless specifically approved by government (which is the basic idea behind a license).

as to your question about credit cards being a requirement for certain businesses, doesn't your previous point make the answer obvious? Suppose I have a fake driver's license and rent a car for $50 cash? I just bought a car for $50.

Answer 4

the unique privateness observe ought to be an preliminary disclosure, yet maximum banks deliver yet another privateness observe each and every 12 months, and the subsequent ones are no longer "preliminary" disclosures. additionally, the only "preliminary disclosures" that I see pronounced are those "presented decrease than section 127(a) of the reality in Lending Act". It does not say "all preliminary disclosures". i do no longer see something interior the text textile you copied indicating that they must do something only in the previous. the timeframe given is "only before, or no later than 30 days after". Your start grew to become into only before the reporting. The start of George Washington grew to become into additionally only before the reporting. something that may no longer "after" or "on a similar time as" is "previous". I additionally do no longer see any communicate of no count number if it somewhat is blended with a privateness coverage. the only element on the priority of no count number if it somewhat is blended with different records that I see is the place it says that it can not be blended with "disclosures presented decrease than section 127(a) of the reality in Lending Act". It does not point out the different preliminary disclosures.

Answer 5

Whoa ... never really thought abouit until I read what you wrote ! A big invasion of privacy. I guess someone has to keep tabs on us.