What are the federal laws governing credit reporting?

The federal laws governing credit reporting in South Carolina are the Fair Credit Reporting Act (FCRA) and the Fair Credit Billing Act (FCBA). The FCRA was enacted in 1970 and is a federal law that protects consumers when it comes to credit reporting. This law requires that credit reporting agencies (CRAs) only report accurate, timely, and verifiable information to lenders and creditors. It also ensures that a consumer’s credit history is kept private and secure. The FCBA, passed in 1974, regulates how creditors must handle billing disputes. It specifically addresses billing errors, such as mistakes in charges or billing statements, and outlines how creditors must handle and resolve such disputes. Specifically, creditors must investigate a dispute within ninety days and must provide a written explanation of the dispute to the consumer. Both of these laws are important to ensure that consumers’ rights are protected when it comes to credit reporting. They also require that any dispute resolution process be fair and that the consumer gets an opportunity to explain their side of the dispute. Ultimately, these laws are designed to ensure that credit reporting is accurate and fair for both parties.

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What are the federal laws governing credit reporting?

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