What is the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA) is a law in Washington that sets the standards for how consumer credit information is reported and shared. It is a consumer protection law that promotes the accuracy, fairness, and privacy of consumer information gathered by credit reporting bureaus. FCRA requires consumer credit reporting companies to provide credit information in a uniform and consistent format. It also requires that consumer credit reports are free of errors, and it stipulates the process by which consumers can dispute inaccurate information. FCRA requires credit reporting agencies to provide consumers with a free annual credit report. It also gives them the right to request their credit report at any time, and to have access to the same information that businesses have when they obtain credit reports. Additionally, FCRA requires credit reporting companies to have reasonable procedures in place to verify the accuracy of consumer credit reports. It also prohibits companies from releasing consumer credit information without permission. FCRA is a very important consumer protection law in Washington. It helps to ensure that consumers’ credit information is accurate and secure, and that it is not used inappropriately by businesses. It is important for consumers to be aware of their rights under the FCRA, to take steps to ensure their credit information is correct, and to dispute inaccurate information on their credit reports.

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What is the Fair Credit Reporting Act?

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