Consumer complaint received 2023-03-24
Company: Bread Financial Holdings, Inc.
State: GA
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Problem with a credit reporting company's investigation into an existing problem
Sub-issue: Investigation took more than 30 days

Complaint:
I do not consent to the disclosure of my credit information to any third-party entities unless they have a legitimate business need for the information in connection with a business transaction that is initiated by me, as provided for in section 604 ( a ) ( 3 ) ( F ) ( i ) of the FCRA.

Please be advised that I do not authorize any person or entity to access my credit report for any other purposes, including marketing, pre-screening, or employment screening.

I understand that, Section 6801 of the Fair Credit Reporting Act ( FCRA ) The section requires CRAs to establish and implement reasonable procedures to protect the confidentiality, accuracy, and integrity of nonpublic personal information that they collect and maintain. This includes personal information such as a consumer 's name, address, Social Security number, and credit information.

In addition to requiring CRAs to safeguard consumer information, section 6801 also limits the circumstances under which they may disclose nonpublic personal information to third parties. Specifically, CRAs may only disclose such information if it is : Required or permitted by law Necessary to effect, administer, or enforce a transaction that a consumer requests or authorizes Necessary to protect against or prevent actual or potential fraud, unauthorized transactions, claims, or other liability Required for regulatory compliance or to comply with a valid legal process The section also requires CRAs to provide consumers with notice of their privacy policies and practices, and to allow consumers to opt out of having their nonpublic personal information disclosed to certain third parties, such as affiliates for marketing purposes.

Because the companies did not comply I the must follow FCRA 6802 ( C ). As stated below.

Section 6802 ( a ) : " ( a ) Disclosure of reports to consumers. A consumer reporting agency shall make all disclosures pursuant to section 609 of this title [ 1681g ]. '' Section 6802 ( b ) : " ( b ) Disclosure of reports to third parties. A consumer reporting agency may furnish a consumer report under the following circumstances and no other : ( 1 ) In response to the order of a court having jurisdiction to issue such an order.

( 2 ) In accordance with the written instructions of the consumer to whom it relates.

( 3 ) To a person which it has reason to believe ( A ) intends to use the information in connection with a credit transaction involving the consumer on whom the information is to be furnished and involving the extension of credit to, or review or collection of an account of, the consumer ; or ( B ) intends to use the information for employment purposes ; or ( C ) intends to use the information in connection with the underwriting of insurance involving the consumer ; or ( D ) intends to use the information in connection with a determination of the consumers eligibility for a license or other benefit granted by a governmental instrumentality required by law to consider an applicants financial responsibility or status ; or ( E ) otherwise has a legitimate business need for the information in connection with a business transaction involving the consumer.

( 4 ) In response to a request by the head of a State or local child support enforcement agency ( or a State or local government official authorized by the head of such an agency ), if the person making the request certifies to the consumer reporting agency that ( A ) the consumer report is needed for the purpose of establishing an individuals capacity to make child support payments or determining the appropriate level of such payments, or enforcing a child support order, award, agreement, or judgment; and ( B ) the paternity of the consumer for the child to which the obligation relates has been established or acknowledged by the consumer in accordance with State laws under which the obligation arises ( if required by those laws ).

( 5 ) To an agency administering a State plan under section 654 of title 42 for use to set an initial or modified child support award.

( 6 ) To a Federal, State, or local agency that administers a program for establishing and enforcing child support obligations, upon its request, for use in locating individuals for the purposes of establishing paternity and child support obligations, or for enforcing child support obligations, and only to the extent necessary for such purposes.

( 7 ) To a potential investor or servicer, or current insurer, in any transaction that concerns the assignment, sale, or securitization of all or a portion of a lenders rights or interests in a consumer credit transaction that was not originated by the investor, servicer, or current insurer.

( 8 ) To the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or any private mortgage insurer, in connection with the issuance, renewal, transfer, or servicing of any loan secured by residential real property. '' Section 6802 ( c ) : " ( c ) Protection of medical information. Except as provided in section 604 ( g ) ( 2 ) of this title [ 1681b ( g ) ( 2 ) ], a consumer reporting agency shall not furnish for employment purposes, or in connection with a credit or insurance transaction, a consumers medical information that is obtained from a medical information furnisher. ''

Company response to consumer: Closed with explanation