What is FCRA?
A. See below. A Summary of Your Rights Under the Fair Credit Reporting Act The federal Fair Credit Reporting Act (FCRA) is designed to promote accuracy, fairness, and privacy of information in the files of every “consumer reporting agency” (CRA). Most CRAs are credit bureaus that gather and sell information about you — such as if you pay your bills on time or have filed bankruptcy — to creditors, employers, landlords, and other businesses. You can find the complete text of the FCRA, 15 U.S.C. 1681-1681u, at the Federal Trade Commission’s web site (http://www.ftc.gov). The FCRA gives you specific rights, as outlined below. You may have additional rights under state law. You may contact a state or local consumer protection agency or a state attorney general to learn those rights.
The Fair Credit Reporting Act (FCRA) is the federal law which regulates the credit reporting industry. FCRA is designed to protect the privacy of credit report information and to guarantee that information supplied by consumer reporting agencies (CRAs) is as accurate as possible. It states that consumers have the right to know the contents of their own credit records, have the right to challenge the accuracy of information and have it reverified, updated or removed. It also limits the time negative information can be kept on a credit record and assures that only persons with a permissible purpose will have access to a consumer’s credit history. The Fair Credit Reporting Act (FCRA) also outlines the responsibilities & procedures for organizations that provide consumer data information to a consumer reporting agency (CRA) including credit bureaus. It is important for you to familiarize yourself with the entire Fair Credit Reporting Act, 15 U.S.C. ยง 1681 et seq. (the “FCRA”), and especial
