Fair Credit Reporting Act (FCRA)

A federal law that protects consumers' credit information and gives them the right to access and dispute their credit reports.

More Details

The federal law that aims to protect consumers from identity theft and fraud by providing them with greater access to and control over their credit information is the Fair Credit Reporting Act (FCRA). The FCRA is a federal law that regulates the collection, use, and dissemination of consumer credit information. It requires credit reporting agencies to provide consumers with access to their credit reports and to correct any errors that may be contained in those reports.

Example

You are worried about errors in your credit file but remember that FCRA imposes requirements on credit reporting agencies and creditors to ensure that consumer credit information is accurate and secure.You now have the right to dispute any errors, and credit reporting agencies must now investigate every dispute.

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