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FTC settles complaints against credit report resellers

Grant Gross | Feb. 3, 2011
The U.S. Federal Trade Commission has approved proposed settlements of complaints against three credit report resellers after the agency accused them of lax cybersecurity practices that led to compromised credit reports.

The proposed settlements will be open to public comment for 30 days.

The FTC issues an administrative complaint when it has "reason to believe" that the law has been or is being violated and it appears to the commission that a proceeding is in the public interest. A complaint is not a finding that the respondents violated the law.

Violations of an FTC consent order following an administrative complaint can result in civil penalties of up to $16,000 per violation.

 

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