FTC: Enforcement of Fair Credit Reporting Act Remains a Priority

STATEN ISLAND, N.Y. – The professionals at Victory State Bank cannot overemphasize the importance of credit scores and personal credit information to consumers and business owners.

This week, the Federal Trade Commission told a House subcommittee that strong enforcement of the Fair Credit Reporting Act (FCRA) remains a top priority for the FTC, and that the agency is committed to educating consumers and businesses about consumer reports, credit scores, and their rights and obligations under the FCRA.

The Commission testimony before the House Committee on Financial Services’ Subcommittee on Financial Institutions and Consumer Credit, delivered by Robert Schoshinski, Assistant Director of the Division of Privacy and Identity Protection, states that data compiled and maintained by consumer reporting agencies, or CRAs, is used to make critical decisions about the availability and cost of various products and services, including credit, insurance, employment, and housing.

“Errors in consumer reports, however, can cause consumers to be denied credit or other benefits or pay a higher price for them, and may lead credit issuers to make inaccurate decisions that result in declining credit to a potentially valuable customer or issuing credit to a riskier customer than intended,” the testimony stated.

About Victory State Bank:

VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com .