BluePay Blog

As a business owner, you’re likely already aware of the PCI compliance rules governing payment data security. However, payment information isn’t the only thing worth protecting from fraud and abuse. In fact, there exists a host of data protection laws around the globe designed to safeguard sensitive personally identifiable information (PII). These privacy acts are becoming increasingly important given the speed and ease with which we send, receive, and store data in the digital world.

Credit reporting agencies (aka credit bureaus) are responsible for collecting consumer credit data that businesses then use when assessing a person’s ability to meet certain financial obligations: A bank, for example, might use a borrower’s credit score to determine what interest rates to charge. The lower the score, the greater the risk of not being paid back. As such, that lender would likely charge a higher interest rate.