What is the Fair Credit Reporting Act (FCRA)?
The Fair Credit Reporting Act (FCRA) is a federal law that promotes accuracy and privacy for consumer credit reporting. It gives consumers the right to access their credit reports, provides guidelines for how credit information is collected and shared, and sets specific rules for how credit reporting agencies can use and share credit information. In California, the FCRA protects consumers from inaccurate or outdated credit information and encourages consumers to take steps to protect their credit information. It also requires credit reporting agencies to provide consumers with a free copy of their credit report. Additionally, credit reporting agencies have to follow strict procedures when collecting, reporting, and sharing credit information so that it is accurate. In order to ensure accuracy and privacy, the FCRA requires credit reporting agencies to notify consumers when their credit reports have been accessed and to provide a description of the information that was accessed. It also requires that any disputes about the accuracy of credit information reported by a credit reporting agency be investigated. Finally, the FCRA provides consumers with the right to dispute inaccurate or incomplete credit reports and to place a security freeze on their accounts so that no new creditors can access their credit reports.
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