Entities engaged in this business must meet certain minimum standards designed to ensure that credit reports contain accurate and current information. The entities and reports covered by the FCRA are, however, narrowly limited. Significantly, however, the phrase does not include any report containing information solely as to transactions or experiences between the consumer and the person making the report. The same analysis applies to securities firms. Moreover, broker-dealers are generally not in the business of providing such information in the form of consumer reports to third parties.
Many states appear to have some statute governing the financial privacy of individuals.
The content of these statutes varies. These statutes restrict disclosure of confidential financial information except to the customer or the customer s agent. The types of financial privacy statutes in effect in other states vary widely. Some states have laws resembling the federal EFTA and RFPA laws. Some states, notably California, have privacy guarantees in their state constitutions.