What is the Fair Credit Reporting Act?
If you’ve ever applied for a charge account, a personal loan, insurance, or a job, someone is probably keeping a file on you. This file might contain information on how you pay your bills, or whether you’ve been sued, arrested, or have filed for bankruptcy. Companies that gather and sell this information are called “Consumer Reporting Agencies” or “Credit Bureaus.” Some people may refer to these companies as “Credit Reporting Agencies” or CRA’s. The information sold by Consumer Reporting Agencies to creditors, employers, insurers, and other businesses is called a “consumer report.” Consumer reports generally contain information about where you work and live and about your bill-paying habits. In 1970, Congress created a law which gives consumers specific rights in dealing with Consumer Reporting Agencies.
The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness and privacy of information in the files of consumer reporting agencies. There are many types of consumer reporting agencies, including credit bureaus that gather and sell information about your creditworthiness to creditors, employers, landlords, and other businesses. The FCRA gives consumers specific rights which are summarized below. You may have additional rights under state law.
The Fair Credit Reporting Act (FCRA) is the federal law that governs the consumer credit reporting industry. This law was enacted to protect the consumer’s right to privacy. The FCRA outlines the situations or permissible purposes for which a company or organization may request a consumer’s credit report. You may obtain a copy of the FCRA from the Federal Trade Commission.
The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. There are many types of consumer reporting agencies, including credit bureaus that gather and sell information about your creditworthiness to creditors, employers, landlords and other businesses. The FCRA gives consumers specific rights which are summarized below. You may have additional rights under state law.
