What is the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA) is a federal law that was passed in 1970 to protect consumer rights and promote fair credit reporting practices. It applies to the collection, sharing, and use of consumer credit information by banks, lenders, credit card companies, and other financial institutions in Delaware and across the United States. The FCRA requires credit reporting agencies to provide consumers with full and accurate information about their creditworthiness. It also requires lenders and creditors to make sure that the information they share with consumers is accurate and up to date. The Act also gives consumers the right to dispute inaccurate information on their credit report and to request a copy of their credit history. Consumers also have the right to know when their information is released to a third party, such as a lender or landlord. The FCRA also places restrictions on the types of debt collection practices that can be used against state consumers. For example, debt collectors cannot harass or threaten consumers, nor can they publish a list of consumers who are delinquent on their payments. By providing these protections to consumers, the FCRA helps promote responsible credit practices and helps create a healthier economy for everyone.

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What is the Fair Credit Reporting Act?

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