What is the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA) is a federal law that was established in 1970. This law protects consumers from the misuse of their credit information. It holds the credit reporting agencies (CRA) responsible for ensuring the accuracy and fairness of credit reports, and it also provides consumers with the right to dispute inaccurate or incomplete information. Under this law, the CRAs must take reasonable steps to investigate and correct any inaccurate or incomplete information contained in a consumer’s credit report. Additionally, the CRAs must notify a consumer before releasing credit reports and must provide them with a copy of the report. The FCRA also requires CRAs to provide information to the consumer that explains their rights under the law. The law also protects consumers from being denied credit, employment, or insurance based on inaccurate or incomplete information contained in their credit report. In Washington, the FCRA requires the consumer’s written permission before a prospective employer or insurance company can access the consumer’s credit report. The FCRA was created to ensure that consumers have accurate and fair access to their credit reports, and to give them the ability to dispute any inaccurate or incomplete information contained within. This law has become increasingly important as technology has made it easier for identity theft and other crimes to occur. The Fair Credit Reporting Act provides consumers in Washington with the legal protections they need to ensure that their credit information is protected.

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What is the Fair Credit Reporting Act?

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