Fair Credit Reporting Act (“FCRA”, 15 U.S.C. § 1681 et seq.)

Originally passed in 1970, the FCRA addresses accuracy and fairness in credit reporting:

“It is the purpose of this title…to require that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information in accordance with the requirements of this title.”

The FCRA regulates how consumer information is collected, disseminated, and used. Under the FCRA, consumer reporting agencies (the big three being Experian, TransUnion, and Equifax) have responsibilities which include, in certain instances, providing consumers with information on file, taking measures to verify the accuracy of disputed information, and using proper procedures for retention and use of negative information.

 

Related Document: Fair and Accurate Credit Transactions Act of 2003 (“FACT Act” or “FACTA”, Pub.L. 108-159)

 

The full text is available at http://www.ftc.gov…

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