Your Credit Reports are Supposed to be Kept Confidential under Fair Credit Reporting Act

Gregory Navone of Las Vegas and the two mortgage brokerage companies he owned – First Interstate Mortgage Corp. and Nevada One Corp. – were charged in the FTC’s December 2008 complaint with improperly disposing of at least 230 credit reports and other “sensitive consumer records” collected by the firms. Navone did not immediately respond to a request for comment.

Just a short note today.  [This post was originally posted several weeks ago, but the website crashed].  Your credit reports (just like your medical records) and other financial records are supposed to be kept confidential.  What this means is that anything with identifiable information should be securely disposed of and should never be thrown in the trash.

A great big no-no is leaving your social security card number where it can be used by others for various reasons… Number 1, Identity Theft.

Apparantly, Gregory Navone of Las Vegas and the two mortgage brokerage companies he owned -  First Interstate Mortgage Corp. and Nevada One Corp. didn’t understand this or did not care.  They were charged by the FTC’s  with improperly disposing of at least 230 credit reports  and other “sensitive consumer records” collected by the firm.

They have agreed to pay a measily $35,000 for this violation.  This amounts to a little over $150 for each of the 230 records.   Do you think this is enough?

To read more check out:  http://bit.ly/5lvgWx

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