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92-509: A consumer reporting agency is an organization providing information on individuals' borrowing and bill-paying habits. Such credit information institutions reduce the effect of asymmetric information between borrowers and lenders, and alleviate problems of adverse selection and moral hazard. For example, adequate credit information could facilitate lenders in screening and monitoring borrowers as well as avoiding giving loans to high risk individuals. Lenders use this to evaluate credit worthiness,

184-511: A United States federal law, establishes a Code of Fair Information Practice that governs the collection, maintenance, use, and dissemination of personally identifiable information about individuals that is maintained in systems of records by federal agencies. One of the primary focuses of the Health Insurance Portability and Accountability Act (HIPAA) is to protect a patient's Protected Health Information (PHI), which

276-447: A broader category of data and information than in some US law. In particular, online behavioral advertising businesses based in the US but surreptitiously collecting information from people in other countries in the form of cookies, bugs , trackers and the like may find that their preference to avoid the implications of wanting to build a psychographic profile of a particular person using

368-535: A closed user group of members. RBI approved three other credit bureaus in 2010 – CRIF High Mark (earlier High Mark), Equifax and Experian . The consumer credit scores in India range from 300 to 900. High Mark launched India's first micro finance bureau in early 2011 and today operates the world's largest micro finance bureau besides offering traditional bureau services for the Retail lending industry. CRIF High Mark

460-561: A credit reporting agency, Small Business Financial Exchange, Inc. (SBFE) is a trade association for small business lenders from all types of industries. SBFE gathers and protects small business payment data for its Members to help build a true and accurate picture of small business then facilitates the exchange of that data to specific business credit reporting agencies that have a Certified Vendor licensing agreement with SBFE. SBFE only allows business credit reporting agencies to license its Member’s data for risk management purposes, marketing use of

552-631: A customer of the EE mobile phone operator in the UK. Another category can be referred to as financial identity theft, which usually entails bank account and credit card information being stolen, and then being used or sold. Personal data can also be used to create fake online identities, including fake accounts and profiles (which can be referred as identity cloning or identity fraud ) for celebrities to gather data from other users more easily. Even individuals can be concerned, especially for personal purposes (this

644-549: A federal legislation called the Personal Information Protection and Electronic Documents Act (PIPEDA) that must be abided by the credit reporting agencies. Credit bureaus share consumer information in the form of a credit report to third parties with whom a consumer has given permission to. This includes banks, credit unions, lenders, credit card companies, and even landlords. These third parties use their credit report to help them make decisions about

736-427: A higher annual interest rate than consumers who don't have these factors. Additionally, decision-makers in areas unrelated to consumer credit, including employment screening and underwriting of property and casualty insurance, increasingly depend on credit records, as studies have shown that such records have predictive value. At the same time, consumers also benefit from a good credit information system because it reduces

828-451: A more complete risk profile of the customer (natural persons, unincorporated entities, corporate entities or any other entity). The ICS tend to aggregates credit related information among participating members to provide the credit providers with a more complete risk profile of the customer. Participating members disclose credit related information to and obtain information from the CRA to assess

920-414: A name, an identification number, location data, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person A simple example of this distinction: the color name "red" by itself is not personal data, but that same value stored as part of a person's record as their "favorite color" is personal data; it

1012-434: A number, a number which has been assigned to all members of society reflecting information about that person which is unknown. Accordingly, there can be no definition at present of what information credit repositories collect or even what the use of that information is or what it reflects. These questions can only be answered if the algorithms were publicized and expert statisticians were permitted to examine them and improve on

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1104-665: A score the customer can use to more rapidly assess the likelihood that an individual will repay a particular debt given the frequency that other individuals in similar situations have defaulted. Most consumer welfare advocates advise individuals to review their credit reports at least once a year to ensure they are accurate. In addition to providing credit information, these services have become authoritative sources of identity information against which people can be verified using an identity verification service and knowledge-based authentication . Credit Information Bureau (India) Limited ( CIBIL ), India's first Credit Information Bureau

1196-407: A secret. Therefore, people are called on to abide by a secret law. At least two things need to be examined: First is that the operation of a more general "chilling effect" that imposing a non disclosed law may have and; Secondly the social effects of discrimination, which take an entirely new light in the context of no longer discriminating against race creed color age or religion, but on the basis of

1288-630: A series of legislation such as the GDPR to limit the distribution and accessibility of PII. Important confusion arises around whether PII means information which is identifiable (that is, can be associated with a person) or identifying (that is, associated uniquely with a person, such that the PII identifies them). In prescriptive data privacy regimes such as the US federal Health Insurance Portability and Accountability Act (HIPAA), PII items have been specifically defined. In broader data protection regimes such as

1380-571: A valid name with the correct SSN is SB1386 "personal information". The combination of a name with a context may also be considered PII; for example, if a person's name is on a list of patients for an HIV clinic. However, it is not necessary for the name to be combined with a context in order for it to be PII. The reason for this distinction is that bits of information such as names, although they may not be sufficient by themselves to make an identification, may later be combined with other information to identify persons and expose them to harm. The scope of

1472-540: A variety of uses. Sources, usually Internet -based since the 1990s, may include census and electoral roll records, social networking sites , court reports and purchase histories. The information from data brokers may be used in background checks used by employers and housing. CRIF High Mark Credit Information Services CRIF High Mark Credit Information Services Pvt. Ltd. is an RBI -approved credit bureau in India. It serves retail, agriculture and rural, MSME, commercial and microfinance. The company

1564-801: Is India’s first full-service credit bureau serving all borrower segments – Retail, Agri & Rural, MSME, commercial and Microfinance. The Electronic Credit Information Bureau (CIB) was established by the State Bank of Pakistan (SBP) in December, 1992. Under section 25(A) of the Banking Companies Ordinance (BCO), 1962, the SBP mandates that all financial institutions in Pakistan including banks, developmental financial institutions (DFIs) and micro finance banks (MFBs) are required to use

1656-530: Is a form of "sensitive" personal data. The twelve Information Privacy Principles of the Privacy Act 1993 apply. New Zealand enacted the Privacy Act in 2020 to promote and protect individual privacy. The Federal Act on Data Protection of 19 June 1992 (in force since 1993) has set up a protection of privacy by prohibiting virtually any processing of personal data which is not expressly authorized by

1748-593: Is a national alternative credit bureau . Incorporated in March 2002, PRBC enables consumers to self-enroll and build a positive credit file by reporting their on-time payments (such as rent, utilities, cable, and phone) that are not automatically reported to the three traditional credit bureaus. In the U.S., there are six business or commercial bureau repositories (in alphabetical order): Cortera, Dun & Bradstreet, Experian Business, Equifax Commercial, PayNet, and Southeastern Association of Credit Management (SACM). While not

1840-797: Is a physical sciences laboratory, and a non-regulatory agency of the United States Department of Commerce. Its mission is to promote innovation and industrial competitiveness. The following data, often used for the express purpose of distinguishing individual identity, clearly classify as personally identifiable information under the definition used by the NIST (described in detail below): The following are less often used to distinguish individual identity, because they are traits shared by many people. However, they are potentially PII, because they may be combined with other personal information to identify an individual. In forensics , particularly

1932-728: Is a private equity company established in 2006, by all Iranian banks (private and public banks) and other financial institutions such as leasing and insurance companies, operating in the Islamic Republic of Iran within the context of the current banking act and regulations issued by Iran Ministry of economic Affairs and Finance and Central Bank of Iran. The main Objective of ICS is to help credit providers make improved lending decisions quickly and more objectively. To achieve this, ICS intends to aggregate credit related information among participating members to provide credit providers with

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2024-561: Is any information related to an identifiable person. The abbreviation PII is widely used in the United States , but the phrase it abbreviates has four common variants based on personal or personally , and identifiable or identifying . Not all are equivalent, and for legal purposes the effective definitions vary depending on the jurisdiction and the purposes for which the term is being used. Under European Union and United Kingdom data protection regimes, which centre primarily on

2116-502: Is defined in EU directive 95/46/EC, for the purposes of the directive: Article 2a: 'personal data' shall mean any information relating to an identified or identifiable natural person ('data subject'); an identifiable person is one who can be identified, directly or indirectly, in particular by reference to an identification number or to one or more factors specific to his physical, physiological, mental, economic, cultural or social identity; In

2208-451: Is generally considered good. The Reserve Bank of India (RBI) has mandated credit bureaus in India to give a full credit report free of charge to each customer every year. A consumer can check its own credit score free once in a year from CRIF High Mark's website. CRIF High Mark provides credit information to credit institutions such as banks and NBFCs, telecom, and insurance companies, credit rating agencies , Sebi-registered brokers and to

2300-495: Is lawfully made available to the general public from federal, state, or local government records. The concept of information combination given in the SB1386 definition is key to correctly distinguishing PII, as defined by OMB, from "personal information", as defined by SB1386. Information, such as a name, that lacks context cannot be said to be SB1386 "personal information", but it must be said to be PII as defined by OMB. For example,

2392-497: Is linked or linkable to an individual, such as medical, educational, financial, and employment information." For instance, a user's IP address is not classed as PII on its own, but is classified as a linked PII. Personal data is defined under the GDPR as "any information which [is] related to an identified or identifiable natural person". The IP address of an Internet subscriber may be classed as personal data. The concept of PII has become prevalent as information technology and

2484-430: Is more widely known as sockpuppetry ). The most critical information, such as one's password, date of birth, ID documents or social security number, can be used to log in to different websites (e.g. password reuse and account verification ) to gather more information and access more content. Also, several agencies ask for discretion on subjects related to their work, for the safety of their employees. For this reason,

2576-491: Is often abbreviated in the industry as CRA. In the United States, key consumer reporting agency consumer protections and general rules or governing guidelines for both the consumer reporting agencies and data furnishers are the federal Fair Credit Reporting Act (FCRA), Fair and Accurate Credit Transactions Act (FACTA), Fair Credit Billing Act (FCBA), and Regulation B. Two government bodies share responsibility for

2668-554: Is similar to PII. The U.S. Senate proposed the Privacy Act of 2005, which attempted to strictly limit the display, purchase, or sale of PII without the person's consent. Similarly, the (proposed) Anti-Phishing Act of 2005 attempted to prevent the acquiring of PII through phishing . U.S. lawmakers have paid special attention to the social security number because it can be easily used to commit identity theft . The (proposed) Social Security Number Protection Act of 2005 and (proposed) Identity Theft Prevention Act of 2005 each sought to limit

2760-541: Is the connection to the person that makes it personal data, not (as in PII) the value itself. Another term similar to PII, "personal information", is defined in a section of the California data breach notification law, SB1386: (e) For purposes of this section, "personal information" means an individual's first name or first initial and last name in combination with any one or more of the following data elements, when either

2852-644: The Consumer Credit Act 1974 . In Canada, there are two credit bureaus (also known as credit reporting agencies): Equifax Canada and TransUnion Canada. They are private companies that collect information about a consumer’s credit accounts, payment history, and other information such as debts sold to a collection agency, and bankruptcies. Credit bureaus in Canada gather this information from lenders and creditors who report it to them. However, it’s important to note that not all lenders and creditors report to

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2944-504: The EU rules, there has been a more specific notion that the data subject can potentially be identified through additional processing of other attributes—quasi- or pseudo-identifiers. In the GDPR, personal data is defined as: Any information relating to an identified or identifiable natural person ('data subject'); an identifiable natural person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as

3036-670: The General Data Protection Regulation (GDPR), the term "personal data" is significantly broader, and determines the scope of the regulatory regime. National Institute of Standards and Technology Special Publication 800-122 defines personally identifiable information as "any information about an individual maintained by an agency, including (1) any information that can be used to distinguish or trace an individual's identity, such as name, social security number, date and place of birth, mother's maiden name, or biometric records; and (2) any other information that

3128-540: The Internet have made it easier to collect PII leading to a profitable market in collecting and reselling PII. PII can also be exploited by criminals to stalk or steal the identity of a person, or to aid in the planning of criminal acts. As a response to these threats, many website privacy policies specifically address the gathering of PII , and lawmakers such as the European Parliament have enacted

3220-556: The NIST Guide to Protecting the Confidentiality of Personally Identifiable Information (SP 800-122). The OMB memorandum defines PII as follows: Information that can be used to distinguish or trace an individual's identity, such as their name, social security number, biometric records, etc. alone, or when combined with other personal or recognizing linked or linkable information, such as date and place of birth, as well as

3312-1034: The Paydex score from Dun & Bradstreet , the solvency score from Infolegale, the Risk Rating from Creditsafe , the Experian Intelliscore , the CPR Score from Cortera , the GCS score from Global Credit Services, SkyMinder service from CRIF and the CIC Score and NACM National Trade Credit Report from the National Association of Credit Management . TransUnion , Equifax , and Rapid Ratings International are also examples of commercial credit reporting agencies. Credit information Personal data , also known as personal information or personally identifiable information ( PII ),

3404-522: The Privacy Act 1988 deals with the protection of individual privacy, using the OECD Privacy Principles from the 1980s to set up a broad, principles-based regulatory model (unlike in the US, where coverage is generally not based on broad principles but on specific technologies, business practices or data items). Section 6 has the relevant definition. The critical detail is that the definition of 'personal information' also applies to where

3496-574: The Saudi Central Bank . The idea goes back into 1998 when national commercial banks and SAMA thought of establishing a Saudi credit bureau offering consumer and commercial information. Meetings were held for this purpose and officials were assigned to coordinate with the World Bank to consider existing international experiences for some countries to establish a credit bureau based on methodological and knowledge approaches to contribute to

3588-627: The United States Department of Defense (DoD) has strict policies controlling release of personally identifiable information of DoD personnel. Many intelligence agencies have similar policies, sometimes to the point where employees do not disclose to their friends that they work for the agency. Similar identity protection concerns exist for witness protection programs, women's shelters , and victims of domestic violence and other threats. Personal information removal services work by identifying and requesting data brokers to delete

3680-528: The oversight of consumer reporting agencies and those that furnish data to them. The Federal Trade Commission (FTC) has oversight for the consumer reporting agencies. The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises all national banks with regard to the data they furnish consumer reporting agencies. Most U.S. consumer credit information is collected and kept by

3772-438: The 1930s, automobile, finance, petroleum, and direct sales companies sought standardized credit reports and pricing from the more than 1,000 credit bureaus. An antitrust petition was filed in 1933. More flexible card files and widespread telephone usage made credit rating books obsolete. A teletype report took one minute to send, versus five minutes on the telephone. In 1965, the first computerized bureau went online, starting

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3864-763: The Consumer Data Industry Association (CDIA) to establish reporting standards and lobby on behalf of their industry issues in Washington. Current reporting standards accepted by the four U.S. CRAs are Metro and Metro2. The Metro2 standard is defined in the annual CDIA publication, the Credit Reporting Resource Guide . Consumers are entitled to a free annual credit report from each of the three nationwide consumer reporting agencies, Equifax , Experian and TransUnion . Consumers can go to annualcreditreport.com ,

3956-665: The EU privacy website. On 1 June 2023, the Hong Kong Office of the Privacy Commissioner for Personal Data published an investigation report on a data breach involving the unauthorised access of a credit reference database platform. The Report highlights the need for organizations to take adequate steps to protect personal data as the mere imposition of contractual obligations and policies is insufficient if such obligations and policies are not effective or are not enforced. The Report also clarifies that credit data

4048-588: The GDPR, personal data is defined in a non-prescriptive principles-based way. Information that might not count as PII under HIPAA can be personal data for the purposes of GDPR. For this reason, "PII" is typically deprecated internationally. The U.S . government used the term "personally identifiable" in 2007 in a memorandum from the Executive Office of the President, Office of Management and Budget (OMB), and that usage now appears in US standards such as

4140-516: The Internet site maintained by the three companies, to get their free report. There are dozens of other similar information collection and reporting firms that analyze and sell information about consumers for other purposes, including those who aggregate multiple credit data sources and provide lenders with customized analytical tools. Furthermore, there are also non-traditional credit reporting agencies. PRBC (Payment Reporting Builds Credit, Inc.)

4232-472: The Philippine Islands (BPI), Banco de Oro Unibank (BDO), Metrobank Card Corporation, HSBC and Citibank Philippines to launch the country's first comprehensive, international private credit bureau. Contributing TransUnion members are given access to credit information in the form of a credit report, consumer bureau score and additional value-added services. TransUnion Philippines aims to strengthen

4324-588: The Philippine financial system through increased access to credit for borrowers and reduced risk to lenders. The Saudi Credit Bureau (SIMAH) is the first and sole licensed national credit bureau offering consumer and commercial credit information services to respective members in the Kingdom of Saudi Arabia. It was established in 2002 and began operating on the ground in 2004 under the supervisory umbrella of Saudi Arabian Monetary Agency (SAMA), currently known as

4416-521: The Saudi national economy. SIMAH was then established to operate within the context of the current banking act and regulations issued by SAMA. In the United States, a percentage of credit reports provided by consumer reporting agencies contain inaccuracies. According to the U.S. General Accounting Office (GAO), common causes of errors broadly fall into one of two categories: inclusion of incorrect information and exclusion of correct information. Reasons for

4508-587: The United Kingdom, the Credit Reference Agencies are Experian , Equifax and TransUnion . Most banks and other credit-granting organisations subscribe to one or more of these organisations to ensure the quality of their lending. This includes companies who sell goods or services on credit such as credit card issuers, utility companies and store card issuers. Subscribing organisations are expected to provide relevant data to maintain

4600-447: The ability to pay back a loan , and can affect the interest rate and other terms of a loan. Interest rates are not the same for everyone, but instead can be based on risk-based pricing , a form of price discrimination based on the different expected risks of different borrowers, as set out in their credit rating . Consumers with poor credit repayment histories or court adjudicated debt obligations like tax liens or bankruptcies will pay

4692-508: The above, such as "a 34-year-old white male who works at Target". Information can still be private , in the sense that a person may not wish for it to become publicly known, without being personally identifiable. Moreover, sometimes multiple pieces of information, none sufficient by itself to uniquely identify an individual, may uniquely identify a person when combined; this is one reason that multiple pieces of evidence are usually presented at criminal trials. It has been shown that, in 1990, 87% of

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4784-475: The automation and consolidation of consumer credit reporting. Credit reports contained probing details about personality, habits, and health. In the hearings on the 1970 Fair Credit Reporting Act lawmakers were troubled that individuals were helpless to clear up errors. In the 1960s, credit scoring was widely adopted. In the United States, there is no legal term for a credit bureau under the federal Fair Credit Reporting Act (FCRA). A consumer reporting agency

4876-676: The bureau, which ensures the credit report of the consumer is accurate and not negatively handled. The database exists because individuals in the VIP database could cause significant problems for the bureaus, including negative publicity and legislative action which could adversely affect the industry. So far an economic model to describe this industry has not been attempted, while the fundamentals are counter intuitive to any market known, since other industries (finance, banking, insurance) sponsor consumer reporting agencies to process information while consumers pay CRAs to receive that information. The utility of

4968-636: The common data pool. Credit reference agencies are bound by the Data Protection Act 2018 , which requires that data relating to identifiable individuals must be accurate, relevant, held for a proper purpose and not out-of-date, and gives individuals the legal right to access data held on them. Credit agencies are therefore required under law to provide an individual with a copy of their consumer credit report upon request. Most agencies also provide online services for ongoing access to reports. The activities of Credit Reference Agencies are governed by

5060-605: The company and the name changed to CRIF High Mark. CRIF (The Center for Research in International Finance) holds 70% in CRIF High Mark. CRIF High Mark's other shareholders include State Bank of India , Punjab National Bank , SIDBI , Edelweiss, Shriram City Union Finance, and Alpha, a microfinance institution consortium. Established in 1988 in Bologna (Italy), CRIF is a global company specialising in

5152-580: The consumer and a customary FICO-like score to the lender or business. Liz Weston writes that some consumer advocates refer to these other [educational] credit scores as "FAKO scores" (a play on acronym of FICO). In consideration of the fact that algorithms which rate people are used in a discriminatory fashion to deny people legal rights (employment, insurance, credit, etc.), those very algorithms act as law. The law says that if one does "this" or if one "does" that, then they will be afforded different treatment and opportunities. What needs to be done though remains

5244-414: The consumer is hard to calculate since the consumer is given no recourse to correct mistakes processed about them, hence the dynamics of this triangle involving consumers, credit reporters, and sponsoring industries remain undefined. Commercial credit reporting and scoring bureaus also exist and can be used to evaluate the likelihood of a business paying creditors. Examples of commercial credit reports are

5336-411: The consumer reporting agencies' for the purposes of credit risk assessment, credit scoring or for other purposes such as employment consideration or leasing an apartment. Given the large number of consumer borrowers, these credit scores tend to be mechanistic. To simplify the analytical process for their customers, the different consumer reporting agencies can apply a mathematical algorithm to provide

5428-513: The consumer, such as whether to approve for a loan or credit card. Following the Panic of 1837 , the first commercial credit reporting organizations formed. By the 1850s, coded reference books were available to wholesalers, merchants, banks, and insurance companies that subscribed. In 1875, typed reports replaced handwritten ledgers for storage and retrieval. By the end of the 1880s, surveillance of retail customers existed in major urban centers. By

5520-489: The consumers. The company also provides risk management solutions, analytics, decision support and software solutions to its clients in these sectors. It also offers data quality management services that include data quality profiling, data deduplication , and data quality enhancement, as well as address quality assessment, verification, and improvement. CRIF High Mark also provides market insight reports to help institutions benchmark themselves against competition and understand

5612-462: The continuing exchange of credit data within its members and subscribers and to provide an impartial source of credit information for debtors, creditors and the public. This will also cooperate and guide government agencies in their credit information requirements. On April 14, 1982, Credit Information Bureau, Inc. was incorporated as a non-stock, non-profit corporation. (See: Presidential Decree No. 1941 [7]) In 1982, Credit Information Bureau, Inc.

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5704-466: The costs of correcting errors or providing more timely and complete information [data furnishers and consumer reporting agencies] may not receive much benefit from the improvement in accuracy." The formula to calculate consumer credit scores by a consumer reporting agency is proprietary and considered a trade secret of the agency in the United States. Some consumer reporting agencies in the United States provide two credit scores - an 'educational' score to

5796-633: The costs of doing so can be unclear. In relation to companies, consumers often have "imperfect information regarding when their data is collected, with what purposes, and with what consequences". Writing in 2015, Alessandro Acquisti, Curtis Taylor and Liad Wagman identified three "waves" in the trade of personal data: A data broker is an individual or company that specializes in collecting personal data (such as income, ethnicity, political beliefs, or geolocation data ) or data about people, mostly from public records but sometimes sourced privately, and selling or licensing such information to third parties for

5888-485: The country. These services help lenders to analyse the risk profile of the borrower before extending new credit and keep non-performing loans in check. Consumers can check their credit reports and credit scores from the company's website. CRIF High Mark Credit Information Services Private Limited was known as High Mark Credit Information Services Private Limited. High Mark was founded in 2007 by Dr. Anil Pandya. In 2014, CRIF, an Italy-based firm acquired majority stakes in

5980-418: The courts (i.e. public records ) that a consumer has had a relationship or experience with. Data furnishers report their payment experience with the consumer to the credit reporting agencies. The data provided by the furnishers as well as collected by the bureaus is then aggregated into the consumer reporting agency's data repository or files. The resulting information is made available on request to customers of

6072-478: The credit bureaus, some may only report information to one, while others may report to none. Other sources like collection agencies and public records information are also reported to the credit bureaus. These credit reporting agencies are regulated by the governments on a provincial and territorial level. Most provinces in Canada have their own credit reporting legislation in place that dictates how credit reporting agencies may share consumer information. There's also

6164-594: The credit worthiness of their existing and prospective customers, which enhances the credit providers risk assessment capabilities to determine whether or not the customer is likely to repay. In 1981, Ferdinand Marcos , then President of the Republic of the Philippines, issued a Letter of Instructions No. 1107 mandating the Central Bank of the Philippines to analyze the probability of establishing and funding

6256-537: The data is not allowed by SBFE. In the case of Dun & Bradstreet, Inc. v. Greenmoss Builders, Inc. , 472 U.S. 749 (1985) the U.S. Supreme Court held that a consumer reporting agency may be liable if it was careless in reporting an impending or past bankruptcy filing of a business that is not a public figure . Iran Credit Scoring (ICS) Company is the sole licensed national consumer reporting agency offering credit information services to respective members in Iran. ICS

6348-496: The data subjects. The protection is subject to the authority of the Federal Data Protection and Information Commissioner . Additionally, any person may ask in writing a company (managing data files) the correction or deletion of any personal data. The company must respond within thirty days. The Privacy Act of 1974 (Pub.L. 93–579, 88 Stat. 1896, enacted 31 December 1974, 5 U.S.C.   § 552a ,

6440-606: The development and management of credit reporting, business information and decision support systems. The firm has an international presence operating in over 50 countries across four continents ( Europe , America , Africa and Asia ). It has experience delivering credit bureau solutions in countries like Italy, the Czech Republic, the Slovak Republic, Russia, Jamaica, Morocco, Benin, Vietnam, Bangladesh, Tajikistan and Indonesia. CRIF has been recognized amongst

6532-523: The distribution of an individual's social security number. Additional U.S.-specific personally identifiable information includes, but is not limited to, I-94 records, Medicaid ID numbers, and Internal Revenue Service (I.R.S.) documentation. Exclusivity of personally identifiable information affiliated with the U.S. highlights national data security concerns and the influence of personally identifiable information in U.S. federal data management systems. The National Institute of Standards and Technology (NIST)

6624-417: The eCIB software for monitoring credit reports. SBP controls updates to the database, updates the reports and monitors the software. All member financial institutions are required to submit entire borrowers' records online to eCIB every month within two weeks after the end of the month. Aquitas Information Services (AISL) under the brand name TASDEEQ is the first licensed private Credit Bureau in Pakistan. In

6716-462: The effect of credit monopoly from banks and provides incentives for borrowers to repay their loans on time. In the U.S., consumer reporting agencies collect and aggregate personal information , financial data, and alternative data on individuals from a variety of sources called data furnishers with which the reporting agencies have a relationship. Data furnishers are typically creditors, lenders, utilities, debt collection agencies (credit bureaus) and

6808-479: The four national traditional consumer reporting agencies: Experian (formerly TRW Information Systems & Services and the CCN Group), Equifax , TransUnion , and Innovis (which was purchased from First Data Corporation in 1999 by CBC Companies ). These organizations are for-profit businesses and possess no government affiliation. Though they are competitors, they are members of a trade organization called

6900-456: The identification and prosecution of criminals, personally identifiable information is critical in establishing evidence in criminal procedure . Criminals may go to great trouble to avoid leaving any PII, such as by: Personal data is a key component of online identity and can be exploited by individuals. For instance, data can be altered and used to create fake documents, hijack mail boxes and phone calls or harass people, as occurred in 2019 to

6992-506: The inaccuracies include consumers providing inaccurate information to the consumer reporting agencies; incorrect or incomplete data input by furnishers, or failing to provide data to the consumer reporting agency; and incorrect or incomplete data (or data applied to the wrong consumer) by the consumer reporting agency. According to Avery, Calem, and Canner in Credit Report Accuracy and Access to Credit , "the parties that bear

7084-518: The individual can be indirectly identified: "personal information" means information or an opinion about an identified individual, or an individual who is reasonably identifiable whether the information or opinion is true or not; and whether the information or opinion is recorded in a material form or not. It appears that this definition is significantly broader than the Californian example given above, and thus that Australian privacy law may cover

7176-485: The intent of the model, which intent is also undisclosed. According to David Szwak, a partner in Bodenheimer, Jones & Szwak which specializes in insurance law and litigation against consumer reporting agencies, some consumer reporting agencies in the United States maintain a VIP database of special consumers such as members of Congress , judges, actors and celebrities. The VIP database is specially administered by

7268-401: The late 1890s, credit management was professionalizing, with retailers and bureau operators systematizing creditworthiness categories. During the early 20th century, stores interviewed, documented, and tracked customers in 35,000 credit departments. Credit spending exploded during the 1910s and 1920s. By the 1920s, credit managers mined customer information for targeted sales promotions. During

7360-468: The mother's maiden name, in official standards like the NIST Guide, demonstrates a proactive approach to ensuring robust privacy safeguards amid the dynamic landscape of data security. This integration into established standards is a foundational framework for organizations to adopt and implement effective measures in safeguarding individuals' personal information. A term similar to PII, "personal data",

7452-458: The name " John Smith " has no meaning in the current context and is therefore not SB1386 "personal information", but it is PII. A Social Security Number (SSN) without a name or some other associated identity or context information is not SB1386 "personal information", but it is PII. For example, the SSN 078-05-1120 by itself is PII, but it is not SB1386 "personal information". However the combination of

7544-442: The name or the data elements are not encrypted: (1) Social security number. (2) Driver's license number or California Identification Card number. (3) Account number, credit or debit card number, in combination with any required security code, access code, or password that would permit access to an individual's financial account. (f) For purposes of this section, "personal information" does not include publicly available information that

7636-556: The operation of a credit bureau in the Philippines due to the disturbing increase of failures on corporate borrowers. In adherence to the order, Central Bank of the Philippines organized the Credit Information Exchange System under the department of Loans and Credit. It was created to engage in collating, developing and analyzing credit information on individuals, institutions, business entities and other business concerns. It aims to develop and undertake

7728-502: The personal information of their clients. This process can be manual or fully automated, but it is nevertheless complex because it involves dealing with numerous data brokers, each with different policies and procedures for data removal. During the second half of the 20th century, the digital revolution introduced "privacy economics", or the trade of personal data. The value of data can change over time and over different contexts. Disclosing data can reverse information asymmetry , though

7820-460: The population of the United States could be uniquely identified by gender, ZIP code , and full date of birth. In hacker and Internet slang , the practice of finding and releasing such information is called " doxing ". It is sometimes used to deter collaboration with law enforcement. On occasion, the doxing can trigger an arrest, particularly if law enforcement agencies suspect that the "doxed" individual may panic and disappear. In Australia,

7912-576: The rubric of 'we don't collect personal information' may find that this does not make sense under a broader definition like that in the Australian Privacy Act. The term "PII" is not used in Australian privacy law. European Union data protection law does not use the concept of personally identifiable information, and its scope is instead determined by non-synonymous, wider concept of "personal data". Further examples can be found on

8004-504: The term "sensitive personal data" varies by jurisdiction. In the UK, personal health data is treated as "sensitive" and in need of additional data protection measures. According to the OMB, in the United States it is not always the case that PII is "sensitive", and context may be taken into account in deciding whether certain PII is or is not sensitive. When a person wishes to remain anonymous, descriptions of them will often employ several of

8096-410: The top 100 FinTech by IDC Financial Insights. CRIF High Mark provides two types of credit scores - one for individual consumer called a Personal Credit Score and another for businesses called a Business Credit Score or Commercial Credit Score. The CRIF Credit score range is from 300 to 900, where a score close to 300 is considered to be poor while 900 is the best possible score. A score of over 700

8188-561: Was established by the Reserve Bank of India to improve the functionality and stability of the Indian financial system by containing non-performing assets (NPAs) while improving credit grantors' portfolio quality. CIBIL is now promoted by TransUnion International Inc. (TransUnion) to provide comprehensive credit information by collecting, collating and disseminating credit information, pertaining to both commercial and consumer borrowers, to

8280-549: Was established through the power of Presidential decree 1941 and created under Central Bank of the Philippines, now Bangko Sentral ng Pilipinas (BSP) department of Loans and Credit, the Securities and Exchange Commission (SEC) and the Financial Executives Institute of the Philippines (FINEX); to initiate a credit information exchange system in the country. In 1997, Credit Information Bureau, Inc.

8372-429: Was incorporated and transformed into a private entity and became CIBI Information, Inc. In 2008, Republic Act No. 9510 also known as Credit Information System Act of 2008 gave way to the creation of Credit Information Corporation as the new government-owned and controlled credit registry in the country. In 2011, TransUnion Information Solutions, Inc. begins operations in the Philippines, partnering with Bank of

8464-889: Was incorporated in 2005 and is based in Mumbai . It launched its credit bureau operations in 2010 and has a database of over 120+ crore credit records as of July 2018. CRIF High Mark covers nearly 38 crore unique borrowers as of October 2018. It manages the world's largest microfinance credit bureau database. CRIF High Mark supports over 4,000 credit institutions, including over 1,000 cooperative banks and insurance companies, providing them with credit information, analytics and scoring, decision and software. In addition, it works with telecom service providers, credit rating agencies and SEBI -registered brokers. Consumers can also directly access their credit scores from CRIF High Mark. It records repayment history, defaults and frauds on loans and credit facilities extended to individuals or businesses across

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