Sunday, January 23, 2005
Gramm-Leach-Bliley Act
CREDITWRENCH CEO Bill Bauer is apparently confused by various federal statutes. He has stated:
"The very first thing that one needs to understand is that all such companies as Chexsystems are both credit bureaus in their own right and are also 3rd party debt collectors.
This is mandated under the Gramm-leach-Blighley Act or GLBA"
Contrary to Mr. Bauers false statement, The Gramm-Leach-Bliley Act has absolutely nothing to do with defining what a credit bureau or a 3rd party collector is. The GLBA regulates disclosure of personal information.
CREDITWRENCH stating that the GLBA mandates that companies such as chexsystems are both credit bureaus and 3rd party collectors is false and misleading.
