Why did congress pass the Fair Credit Reporting Act?
Congress passed the Fair Credit Reporting Act for several reasons. The first and most important reason is that over 70% of credit reports contain errors, and congress wanted consumers to have the right to clear their good name. Since the credit bureaus are a non government organization that has great influence on every citizens financial future, our government realized that as consumers we have the right to dispute any items we believe to be inaccurate on our credit report. The reason this service is free, and the fact that there is not a restriction on what you can contest, and how often you can contest it; is in order to motivate the credit bureaus to become more accurate on every consumers credit report.
