FCRA Credit Reporting Regulation

The Fair Credit Reporting Act (FCRA), enacted in 1970, is a U.S. federal law that promotes the accuracy, fairness, and privacy of consumer information contained in the files of credit reporting agencies (CRAs). It regulates how consumer credit data is collected, shared, and used by lenders, employers, insurers, and others.FCRA grants individuals the right to access their credit reports, dispute inaccuracies, and request corrections. It limits the use of credit reports to permissible purposes such as lending, employment, and insurance underwriting. The law is enforced by the Federal Trade Commission (FTC), the Consumer Financial Protection Bureau (CFPB), and state attorneys general.This regulation applies to banks, credit bureaus, lenders, collection agencies, insurance providers, and employers using credit reports for decision-making.