What is the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA) is a federal law governing the collection, use, and distribution of consumer credit information. It is designed to protect consumers from unfair or inaccurate credit reporting and to ensure that they are provided with accurate, timely, and complete information concerning their credit standings. The law applies to consumer credit reports, which are records of a consumer’s credit history and status. The FCRA is enforced by the Federal Trade Commission (FTC), as well as by North Carolina’s Department of Justice. Under the FCRA, consumer-reporting agencies must: - Provide consumers with a detailed description of their rights under the law - Require that all consumer reports they provide are complete, accurate, and up-to-date - Give consumers a copy of their credit report upon request - Allow consumers to dispute inaccurate information - Disclose how their credit report is used - Disclose when and to whom their credit report is provided The FCRA is designed to protect consumers from the misuse of their credit reports by creditors, employers, insurers, landlords, and other organizations. It does not, however, provide protection against identity theft or other types of fraud. North Carolina consumers who feel they have been a victim of any type of credit fraud or unfair reporting should contact the North Carolina Department of Justice or the Federal Trade Commission.

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What is the Fair Credit Reporting Act?

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