Definition
The Fair Credit Reporting Act, 15 U.S.C. § 1681 is U.S. Federal Government legislation enacted to promote the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies. It was intended to protect consumers from the willful and/or negligent inclusion of inaccurate information in their credit reports. To that end, the FCRA regulates the collection, dissemination, and use of consumer information, including consumer credit information. Together with the Fair Debt Collection Practices Act, the FCRA forms the foundation of consumer rights law in the United States. It was originally passed in 1970, and is enforced by the US Federal Trade Commission, the Consumer Financial Protection Bureau and private litigants.
Fair Credit Reporting Act (FCRA)
What is the ‘Fair Credit Reporting Act – FCRA’
The Fair Credit Reporting Act (FCRA) is the act that regulates the collection of credit information and access to your credit report. It was passed in 1970 to ensure fairness, accuracy and privacy of the personal information contained in the files of the credit reporting agencies. It requires that any person or entity requesting your report must demonstrate a permissible purpose for the information before it is released. It also designates the Federal Trade Commission (FTC) as the enforcement authority for the provisions of the act.
Explaining ‘Fair Credit Reporting Act – FCRA’
Under this act, you have the right to:
Further Reading
- The scale effects of financialization: The Fair Credit Reporting Act and the production of financial space and subjects – www.sciencedirect.com [PDF]
- Selling consumers not lists: The new world of digital decision-making and the role of the Fair Credit Reporting Act – heinonline.org [PDF]
- How the fair credit reporting act regulates big data – papers.ssrn.com [PDF]
- Common Law Defamation and the Fair Credit Reporting Act – heinonline.org [PDF]
- Large-Scale Enforcement of the Fair Credit Reporting Act and the Role of State Attorneys General – heinonline.org [PDF]
- The Fair Credit Reporting Act: A Legislative Overview – heinonline.org [PDF]
- Consumer Credit Reports and Privacy in the Employment Context: The Fair Credit Reporting Act and the Equal Employment for All Act – heinonline.org [PDF]
- People Analytics and the Regulation of Information Under the Fair Credit Reporting Act – heinonline.org [PDF]
