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Consumer Credit Reporting Laws

The Fair Credit Reporting Act (FCRA) is a federal law that regulates the collection, dissemination, and use of consumer credit information. The FCRA was enacted in 1970 to protect consumers from the unauthorized disclosure of their credit information. The FCRA requires that consumer credit reporting agencies maintain the confidentiality of consumer credit information and that they only disclose credit information to authorized users. The FCRA also requires that credit reports be accurate and that consumers be given a reasonable opportunity to correct any inaccurate information.

The FCRA is enforced by the Federal Trade Commission (FTC). The FTC has the authority to bring enforcement actions against companies that violate the FCRA. The FTC has brought enforcement actions against credit reporting agencies, credit furnishers, and users of consumer credit reports for violations of the FCRA.

The FCRA applies to any person or entity that regularly and for profit assembles or evaluates consumer credit information for the purpose of furnishing consumer reports. This includes credit reporting agencies, such as Experian, Equifax, and TransUnion. It also includes credit bureaus, such as Innovis and PRBC. Credit reporting agencies and credit bureaus must maintain the confidentiality of consumer credit information and only disclose credit information to authorized users.

The FCRA also applies to any person or entity that regularly and for profit furnishes consumer credit information to credit reporting agencies. This includes creditors, such as banks, credit unions, and finance companies.