What is the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA) is a federal law in the United States, which consists of six titles. This law protects consumers by regulating the collection, dissemination, and use of consumer credit information. Its primary purpose is to ensure that consumer reporting agencies (CRAs) furnish accurate and complete consumer reports to third parties, such as lenders and employers. In Tennessee, the FCRA is administered by the Division of Consumer Affairs, which is part of the Tennessee Department of Commerce and Insurance. The Division is responsible for ensuring that CRAs, such as credit bureaus, comply with the requirements of the FCRA and that consumers are aware of their rights under the FCRA. The FCRA regulates how personal information, such as credit histories, criminal records, medical records, and employment histories, can be collected, used, and shared. It also gives consumers the right to access information held by CRAs about them. Consumers can use this information to ensure accuracy and dispute any errors or omissions. Finally, the FCRA requires that consumers be notified when their information is used to make credit, insurance, or employment decisions.

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