The Fair Credit Reporting Act
The Fair Credit Reporting Act Summary​
The Fair Credit Reporting Act (FCRA) is a federal law that protects consumers' credit information. It was first published in 1970.
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What does the FCRA do?
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Ensures the accuracy, fairness, and privacy of consumer information
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Limits who can access credit reports and for what purposes
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Requires credit bureaus to investigate disputed information and correct or delete inaccurate information
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Requires users of consumer reports to notify consumers if adverse actions are taken based on the reports
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FCRA rights
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Consumers can opt-out of unsolicited offers for credit and insurance
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Consumers can restrict certain entities from using their information for marketing
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Consumers can sue if they believe their rights have been violated
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Who is covered by the FCRA?
The FCRA applies to consumer reporting agencies, such as credit bureaus, medical information companies, and tenant screening services.
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Related laws
The Fair and Accurate Credit Transactions Act and the Dodd-Frank Act also added provisions to the FCRA.