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What are the rules around data collection and usage

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What are the rules around data collection and usage

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The primary applicable U.S. law is the Fair Credit Reporting Act (FCRA)4 and, according to The New York Times article “U.S. Agency Seeks Tougher Consumer Privacy Rules,”5 there may be stricter consumer privacy rules in the future. Another relevant insurance law is the Health Insurance Portability and Accountability Act (HIPAA).6 In addition to FCRA and HIPAA, other state privacy laws and local rules may apply.

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Many companies and industries use this data. We have seen companies supplement their existing, internal data sources by accessing external datasets, such as querying a proprietary database it has purchased. These companies are utilizing external consumer data for the primary purpose of helping to improve their respective business operations. For example, the retail industry is increasingly employing data mining techniques to analyze the buying behavior of its customers and using such predictive analytics to drive strategic business decisions. In the banking industry, commercial banks have used big data to make data-driven decisions on everything from credit lines and consumer loans to managing collections and detecting fraud.

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Big data is collected by many ways, including social media, websites, apps.

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What is Big Data? Big Data Explained (Hadoop & MapReduce)

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http://www.patrickschwerdtfeger.com/sbi/ What exactly is Big Data? This video defines and explains Big Data as well as Hadoop and MapReduce in simple language.

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extremely large data sets that may be analysed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.