What is the Fair Credit Reporting Act?
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 regulating credit reporting companies like Equifax, Experian, and Trans Union. It has been in effect since 1971. A revised FCRA became effective October 1, 1997. This law protects consumers’ rights, such as the right to review and contest information in their credit profiles. It also specifically defines who can access the information in a credit profile, and how you are notified of this activity. You may obtain a copy the FCRA from the Federal Trade Commissioni.
The Fair Credit Reporting Act is the law put in place to protect consumers and regulate the consumer reporting agencies (CRAs). Commonly known as the FCRA, it was put in place to provide guidelines for the Credit Bureaus to make sure there is consistency between them, to make sure that accurate information is being reported, and to protect consumers from inaccurate information. It is also in place to ensure that credit bureaus and resellers of consumer reports provide information to creditors, insurers, employers, and others, do so with due regard for the confidentiality, accuracy, and legitimate use of such data. When those parties take adverse action on the basis of information in a credit report, they must identify the CRA that provided the report so that the consumer can learn how to get a copy to verify or contest its accuracy and completeness. Creditors and others may not knowingly provide false information to CRAs, which are required to maintain reasonable procedures to ensure t
The Fair Credit Reporting Act (“FCRA”) is a federal law first enacted in 1970. It is designed to promote the accuracy, fairness and privacy of consumer credit reports and information in the files of consumer reporting agencies (“CRAs”). Among other things, the law limits the persons or companies to whom CRAs may legally provide a consumer credit report. In addition, if a person or company uses information in a consumer’s credit report to take an “adverse action” against the consumer, the law requires that the consumer be given specific notice of the action and a description of his or her rights to obtain a copy of the report to check for mistakes.
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.
