What are the federal laws governing credit reporting?

The federal laws governing credit reporting in New Mexico are the Fair Credit Reporting Act (FCRA), the Fair and Accurate Credit Transactions Act (FACTA) and the Equal Credit Opportunity Act (ECOA). The FCRA is a federal law that was established to promote the accuracy, fairness and privacy of consumer information contained in credit reports. It requires credit bureaus, lenders and anyone who uses credit reports to handle consumer information with accuracy and fairness. It also requires all users of credit reports to have a permissible purpose for obtaining the report. The FACTA is an amendment to the FCRA and strengthens consumer’s rights to dispute credit report errors. It also provides consumers with more details about the credit bureau’s investigation of any dispute they have filed. Under FACTA, consumers also have the right to one free copy of their credit report each year from the three major nationwide credit bureaus. The ECOA is another amendment to the FCRA and outlaws discrimination based on race, color, religion, national origin, sex, marital status, age or whether a consumer has received public assistance when it comes to credit. It requires lenders to provide applicants with notice of their rights when they are turned down for credit, and it also requires lenders to consider information that might not be reflected in a credit report, such as a consumer’s income. Overall, these three laws are designed to protect consumers by making sure credit reports are fair and accurate and that consumers have access to their credit report and dispute rights.

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What are the federal laws governing credit reporting?

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