What is the Fair Credit Reporting Act?
The Fair Credit Reporting Act (FCRA) is the federal law regulating credit reporting companies. 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 of the FCRA from the Federal Trade Commission.
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 Commission.
In the early 1970’s, based on pressure from various consumer groups and the growing use of credit reports, Congress passed the Fair Credit Reporting Act to regulate the relationship between consumers, creditors and the credit bureaus (Equifax, TransUnion, and Experian). This law gives you several rights as to what information of yours can be disclosed, how it can be disclosed and the way your information is reported. One of the most important provisions of the law for the consumer allows you to challenge inaccurate, obsolete and misleading items as they appear on your report.
