What is the Fair Credit Reporting Act (FCRA)?

The Fair Credit Reporting Act (FCRA) is a federal law that was enacted in 1970 to promote accuracy, fairness, and privacy in the collection, use, and dissemination of consumer financial information. The law is enforced by the Federal Trade Commission (FTC) and applies to credit bureaus, employers, consumer reporting agencies, and other entities that use consumer reports for employment and other purposes. The FCRA is intended to regulate how consumer credit information is used. The law contains provisions to protect consumer privacy, including restricting access to certain information and requiring consumer reporting agencies to take certain steps to ensure that the information they collect is accurate. Additionally, the FCRA requires that consumers are notified when their credit history is accessed, that credit reports can only be accessed after obtaining written permission from the individual, and that consumers can opt out of receiving certain marketing materials. In New Mexico, collection defense law has implemented the FCRA so that consumers are protected from any unfair practices related to the collection, use, and dissemination of their financial information. These regulations provide consumers legal recourse against any violations of their rights under the law. Additionally, in New Mexico, collection defense attorneys may be able to assist individuals in recovering their financial losses due to violations of the FCRA.

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What is the Fair Credit Reporting Act (FCRA)?

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