What is the Fair Credit Reporting Act (FCRA)?

The Fair Credit Reporting Act (FCRA) is a federal law that was first passed in 1970 and governs how credit report information is collected, stored, and used by credit reporting companies in West Virginia. It is designed to help protect consumers’ credit records and privacy. Under the FCRA, credit reporting agencies in West Virginia must provide accurate information to lenders and employers. They must also ensure that they do not provide inaccurate information, and if they do, consumers have the right to dispute that information and have it corrected. Furthermore, consumers must give written permission before any credit reporting agency can obtain their information. The FCRA also provides safeguards for consumers against identity theft and fraud. It requires creditors or employers to obtain consent from consumers before they can look into their credit reports. Furthermore, consumers must be notified when their credit report is used in an employment decision. Consumers also have the right to access their credit report to check for accuracy. Overall, the FCRA is a critical law in West Virginia and throughout the United States. It protects the financial information and privacy of consumers while ensuring that businesses can access the necessary information they need for credit evaluations and employment decisions.

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