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Originally Posted by TheIntelCritic
I'm not sure if anyone can answer this but I've been wondering...
What law exists that gives the credit bureaus the right to report on you at all? If someone knows the statutes, please post them because I haven't been able to find it.
Think about it...no one on this board has ever agreed to be "reported on." If no law exists, then credit bureau reporting is essentially illegal and the credit bureaus can be challenged on a fundamental level.
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Actually, each and every 'citizen/subject' of the United States, has an obligation under the rules governing the MSB (money services business) to make SAR's (suspicious activity reports) along with other monthly reports. Some other types of reports are due upon particular types of transactions involving larger quantities of FRN's.
To be more specific, the MSB website
www.msb.gov , will direct you to 31 CFR and a couple of other CFR citations that govern the operation of money services business. If you read their web page, you will find the information you are looking for in their glossary of terms.
Jerry