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The
Fair Credit Reporting Act (FCRA) is an
American
federal
law
(codified at 15
U.S.C. § 1681
et seq.) that regulates the collection,
dissemination, and use of consumer credit
information. Along with the
Fair Debt Collection
Practices Act (FDCPA),
it forms the base of consumer credit rights in the
United States.
If
you've ever applied for a charge account, a
personal loan, insurance, or a job, there's a file
about you. This file contains information on where
you work and live, how you pay your bills, and
whether you've been sued, arrested, or filed for
bankruptcy.
Companies that gather and sell this information
are called Consumer Reporting Agencies (CRAs). The
most common type of CRA is the credit bureau. The
information CRAs sell about you to creditors,
employers, insurers, and other businesses is
called a consumer report.
The Fair Credit Reporting
Act (FCRA), enforced by the
Federal Trade Commission,
is designed to promote accuracy and ensure the
privacy of the information used in consumer
reports. Recent amendments to the Act expand your
rights and place additional requirements on CRAs.
Businesses that supply information about you to
CRAs and those that use consumer reports also have
new responsibilities under the law.
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