FTC launches inquiry into small business credit reports

The Federal Trade Commission announced it has launched an inquiry into the small business credit reporting industry, ordering five firms in that industry to provide the Commission with detailed information about their products and processes. The orders will be issued to Dun & Bradstreet (DNB), Experian Information Solutions (EXPGY), Equifax (EFX), Ansonia Credit Data, and Creditsafe USA, the FTC stated. "Like consumers, small businesses rely on fair and accurate credit reports in order to access key services. But because it isn’t covered by the same laws that apply to consumer services, credit reporting for businesses is tremendously opaque. This FTC inquiry will shine a much-needed light on the credit reporting industry and the related challenges that small businesses face," added FTC Chair Lina Khan. Reference Link