What are the federal laws governing credit reporting?

The federal law that governs credit reporting in Virginia is called the Fair Credit Reporting Act (FCRA). This federal law was passed in 1970 and is enforced by the Federal Trade Commission (FTC). Under the FCRA, credit reporting agencies must provide consumers with accurate and complete information on their credit history. The FCRA also requires credit reporting agencies to provide consumers with the right to dispute any inaccurate or incomplete information. The FCRA also outlines the various rights and responsibilities of both consumers and credit reporting agencies. For example, credit reporting agencies must take appropriate measures to ensure that information is accurate and is not obtained from fraudulent sources. Additionally, credit reporting agencies must provide consumers with consumer reports in a timely manner. Finally, the FCRA also outlines the responsibilities of businesses who use credit reports to make decisions about granting credit or other services. Businesses must properly notify consumers of their rights under the FCRA and must provide consumers with an opportunity to dispute information from their credit report. The FCRA also requires businesses to keep records of their use of credit reports and to periodically review their procedures to make sure the FCRA is being followed.

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What are the federal laws governing credit reporting?

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