What is the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA) is a federal law that protects consumers in Kansas, and throughout the country. It was passed by Congress in 1970 and is enforced by the Federal Trade Commission (FTC). The FCRA requires consumer reporting agencies, such as credit bureaus, to provide accurate and up-to-date information on consumers’ credit histories. It also gives consumers the right to access, dispute, and correct their credit histories. The FCRA also gives consumers the right to be notified of data breaches by the consumer reporting agencies. It also requires the consumer to be notified of the results of any dispute they have filed with the agency. Additionally, FCRA requires banks and other lenders to make sure the information they provide to the consumer reporting agencies is accurate before they use it to make a credit decision. As a consumer in Kansas, the FCRA gives you important rights and protections, including the right to: obtain a free copy of your credit report once per year; dispute inaccurate information in your credit report; and be notified of the results of any dispute you have filed. Additionally, the FCRA also requires lenders to provide you with information about their credit terms and how they use credit reports in making their decisions. This helps ensure that you receive fair treatment when applying for credit.

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What is the Fair Credit Reporting Act?

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