What is the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA) is a federal law that provides guidelines and regulations on how credit reporting agencies in Washington and across the country can collect, maintain, and report people’s credit information. It requires these credit-reporting agencies to ensure accuracy, fairness and privacy of the information they provide. The FCRA requires that credit-reporting agencies must provide people access to their credit reports and correct any inaccurate or incomplete credit information. It also requires that creditors provide people with an explanation of their credit ratings if they make a request. Furthermore, if people are denied credit or other services due to their credit history, the responsible creditors must provide them with a notice conforming to the FCRA. The FCRA also protects consumers from fraudulent activities by requiring companies to take special measures to secure people’s confidential credit information. Credit-reporting agencies are expected to follow procedures that enable people to dispute information in their credit report and have it corrected. The FCRA has been instrumental in protecting people’s right to accurate and fair credit reporting. It has helped ensure people have access to their credit information and that their credit information is not abused by unscrupulous businesses. As a result, it has helped create a safe and secure banking environment in Washington and across the country.

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What is the Fair Credit Reporting Act?

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