10-05-2007 11:40 AM - edited 10-05-2007 11:51 AM
‘‘(e) Whoever knowingly violates section 2709(c) of
7this title, sections 625(d) or 626(c) of the Fair Credit Re8
porting Act (15 U.S.C. 1681u(d) or 1681v(c)), section
91114(a)(3) or 1114(a)(5)(D) of the Right to Financial
10Privacy Act (12 U.S.C. 3414(a)(3) or 3414(a)(5)(D)), or
11section 802(b) of the National Security Act of 1947 (50
12U.S.C. 436(b)) shall be imprisoned for not more than one
13year, and if the violation is committed with the intent to
14obstruct an investigation or judicial proceeding, shall be
15imprisoned for not more than five years.’’.
Section 625 refers back to permissable purposes (604) for obtaining a CCR
10-05-2007 12:33 PM - edited 10-05-2007 12:45 PM
10-05-2007 12:39 PM - edited 10-05-2007 12:40 PM
I think the reason it is relavent is that there are a number of car dealers who are using the Patriot Act to justify the practice of pulling a report --even for cash transactions. Clearly, you are correct--they do not have to pull a credit report. However, the Patriot Act requires dealerships to adopt and adhere to an acceptable Consumer Identification Program (CIP). The credit report has been deemed an acceptable document for meeting the CIP requirements--but clearly, there are other methods to verify id. So on the one hand, the dealership is compling with the law, but their method (the credit report) has a negative impact on consumers and can (and is probably) used improperly as a sales tool etc.. Also, employees are lead to believe that the credit report is the only viable means of verifying consumers identification. So misinformation abounds and is spread exponentially.
That's just my point. Reading this house resolution it appears that anyone who pulls credit citing the PA without permissible purposes is in violation of the above resolution. I saw nothing in the actual patriot act that allows this outside of the federal government and that is only in the case of suspicious activity. I see nothing suspicious in choosing your financing before walking into the dealrship and since most state ID requires a birth certificate, there can be no more thourough verification of identity than a state issued liscense or identification.My point is that these dealerships are pulling credit, not under authority of the patriot act but in order to get a cut of finaning if they can talk you out of whatever means you had the ability to pay with when you walked in the door. I dont know anyne who walks into a car dealership without at least a state-issued photo ID.This section of the patriot act was designed to prevent just such abuse.A financial institution has the right to run your report when you are conducting that type of transaction (taking out loans, opening accounts...etc.) but, as a comparison, not when you walk in for change of a dollar.
10-05-2007 12:50 PM - edited 10-05-2007 12:52 PM
10-05-2007 02:16 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.