What does the Fair Credit Reporting Act protect?

The Fair Credit Reporting Act (FCRA) is a federal law that protects consumers in Washington by regulating how credit reporting agencies operate. This law was established to ensure credit reports are accurate, private, and secure. The FCRA protects consumers by limiting who can access their credit reports. Companies must have a legitimate need to access a person’s credit report in order to provide a service. This could include landlords, employers, and lending institutions. Additionally, the FCRA requires that consumers provide written permission before any third party can access their credit report. The FCRA also requires that credit reporting agencies inform consumers of their rights. Consumers have the right to look at their credit report, as well as dispute and correct any inaccurate information. Credit reporting agencies must also inform consumers if their information has been used against them and provide the source of the information. The FCRA also ensures that credit reports are secure and private. Credit reporting agencies must maintain physical, electronic and procedural safeguards that protect the accuracy, confidentiality and security of all information that is collected or shared. Additionally, credit reporting agencies are prohibited from selling or using consumer’s credit reports for marketing purposes. In summary, the FCRA protects consumers by ensuring that credit reporting agencies operate fairly, accurately, and securely. Consumers have the right to access and dispute their credit reports, and their information cannot be used for marketing or sold to other companies.

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What does the Fair Credit Reporting Act protect?

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