What is the Fair Credit Reporting Act (FCRA)?

The Fair Credit Reporting Act (FCRA) is a federal law that was created to protect consumers’ rights when it comes to their credit reports. This law applies to consumer reporting agencies, allowing individuals to access their detailed credit reports and dispute any errors that may be present. FCRA also requires credit bureaus to follow certain guidelines when providing consumer reports to employers, landlords, and creditors. This law ensures that credit bureaus must provide the most accurate and up-to-date information for their consumers. It also requires that consumers are notified when a credit reporting agency is used to make decisions about them, such as granting credit or employment. Furthermore, it ensures that consumers can request and receive a free copy of their credit report once per year so that they can monitor their credit score. The FCRA was amended in 2003 to include more protections for consumers by setting guidelines for debt collectors, creditors, and credit repair companies. This law also prohibits companies from using deceptive and unfair practices when collecting debts. In Maryland, the FCRA is enforced by the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB). By adhering to the FCRA, collection defense attorneys in Maryland are able to help their clients protect their Consumer Rights from abusive debt collectors.

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What is the Fair Credit Reporting Act (FCRA)?

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