What is the Fair Credit Reporting Act?
The Fair Credit Reporting Act (FCRA) is a federal law that was introduced in 1970 and protects consumers’ rights to privacy when it comes to obtaining a credit report. It also applies to any consumer reporting agency (CRA) that gathers and distributes information about the creditworthiness, character, general reputation, personal characteristics, or mode of living of consumers. The FCRA applies to any company that provides information to consumer reporting agencies and those who use the information. In Tennessee, the FCRA is enforced by the Office of Financial Institutions’ Division of Consumer Affairs. The division is responsible for investigating any violations of the FCRA, and provides guidance to consumers on their rights and information about how to protect themselves against identity theft. The FCRA provides a number of important rights to consumers, including the right to access their credit reports, to dispute any incorrect information, to receive notice if the credit report is used against them, to find out who requested the report, and to receive a free report each year. The FCRA also requires that any company using a consumer’s credit report must provide accurate and complete information. Companies must also get consent from the consumer before taking any action based on the report and provide the consumer with notice that the report has been used. The FCRA also requires companies to give consumers the right to opt-out of certain types of uses of their credit report.
Related FAQs
What is the Bank Secrecy Act?What is the federal Consumer Financial Protection Bureau?
What is the Consumer Financial Protection Bureau?
What is the federal Bank Holding Company Act?
What is the Electronic Signatures in Global and National Commerce Act?
What laws protect personal banking information?
What is the Federal Trade Commission Act?
What is the Payment Card Industry Data Security Standard?
How is banking law regulated?
What is the U.S. Bankruptcy Code?
Related Blog Posts
What is Banking Law? – Understanding the Basics of the Financial System Legal Framework - July 31, 2023New Developments in Banking Regulations: What You Need to Know - August 7, 2023
Understanding Regulatory Compliance for Banking Institutions - August 14, 2023
Exploring Current Trends in Banking Law - August 21, 2023
Banking Litigation: What You Need to Know - August 28, 2023