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Fair Credit Reporting Act

Few laws have as a significant impact on American consumers as the Fair Credit Reporting Act (FCRA). Amendments to the Fair Credit Reporting Act-effective September 30, 1997-benefit consumers by strengthening privacy provisions and defining more clearly the responsibilities and liabilities of businesses that provide information to-and access data from- credit reporting agencies.

The Fair Credit Reporting Act (FCRA), enforced by the Federal Trade Commission, is designed to promote accuracy and ensure the privacy of the information used in consumer reports. Recent amendments to the Fair Credit Reporting Act expand your rights and place additional requirements on credit reporting agencies (CRAs). Businesses that supply information about you to CRAs and those that use consumer reports also have new responsibilities under the Fair Credit Reporting Act.

The Fair Credit Reporting Act, Public Law 91-508, title VI was enacted in 1971. The Fair Credit Report Act states that if you have been denied credit, the merchant that denied you credit must tell you the reason why.

The Fair Credit Reporting act also states that you have the right to know what information is on your credit report and who has requested your credit report. The Fair Credit Reporting Act also says that you have the right to question your credit report and have errors changed or deleted. We encourage you to learn more about the Fair Credit Reporting Act and also to get a copy of your free credit report.