What is the Fair Credit Reporting Act (FCRA)?

The Fair Credit Reporting Act (FCRA) is a federal law regulating the collection and use of consumer information, such as credit reports. It was enacted in 1970 to protect the privacy rights of individuals and to ensure that consumer report information is accurate and used responsibly. FCRA requires companies that furnish consumer information to consumer reporting agencies, such as credit bureaus, to make sure that the information is accurate and up to date. This means that companies that report information about individuals, such as creditors or employers, must provide accurate and timely information to the credit bureaus. FCRA also requires that companies that use consumer reports to make decisions, such as granting credit or employment, must notify individuals if the information is being used and provide them with a copy of the report. In Texas, FCRA is enforced by the Office of Consumer Credit Commissioner (OCCC). The OCCC strives to ensure that consumers in Texas have access to credit and financial services while protecting individuals from unfair or deceptive practices. The OCCC has the authority to initiate investigations and take enforcement actions against companies that violate the FCRA. Consumers can file a complaint with the OCCC if they believe that their rights have been violated under the FCRA.

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What is the Fair Credit Reporting Act (FCRA)?

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