Fair Credit Reporting Act - FCRA


Fair Credit Reporting Act - FCRA

The act that regulates the collection of credit information and access to your credit report. It was passed in 1970 to ensure fairness, accuracy and privacy of the personal information contained in the files of the credit reporting agencies. It requires that any person or entity requesting your report must demonstrate a permissible purpose for the information before it is released. It also designates the Federal Trade Commission (FTC) as the enforcement authority for the provisions of the act.

Under this act, you have the right to:

  • Know what’s in your file.
  • Free file disclosure once per year from each of the major credit bureaus.
  • Ask for your credit score (there may be a fee).
  • Verify accuracy of report when required for employment purposes.
  • Notification if your file has been used against you.
  • Dispute and correct information that is incomplete or inaccurate.
  • Remove outdated, negative information (seven-years old or 10 years in the case of bankruptcy).

Investment dictionary. . 2012.

Look at other dictionaries:

  • Fair Credit Reporting Act — Federal law that covers the reporting of debt repayment information. It establishes when a credit reporting agency may provide a report to someone; states that obsolete information must be taken off (seven to 10 years); gives consumers the right… …   Glossary of Bankruptcy

  • Fair Credit Reporting Act (1971) — Federal law that covers the reporting of debt repayment information. It establishes when a credit reporting agency may provide a report to someone; states that obsolete information must be taken off (seven to 10 years); gives consumers the right… …   Glossary of Bankruptcy

  • Fair Credit Reporting Acts — Federal Act. This law represents the first Federal regulation of the vast consumer reporting industry, covering all credit bureaus, investigative reporting companies, detective and collection agencies, lenders exchanges, and computerized… …   Black's law dictionary

  • credit reporting agency — A private company that collects and sells information about a person s credit history. Clients, such as banks, mortgage lenders, credit card companies, landlords, and potential employers, use the information to screen applicants. There are three… …   Law dictionary

  • Fair and Accurate Credit Transactions Act — The Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA, USPL|108|159) is a United States federal law, passed by the United States Congress on November 22, 2003, [ [http://thomas.loc.gov Library of Congress THOMAS] , searched for …   Wikipedia

  • Credit CARD Act of 2009 — CARD redirects here. For other uses, see CARD (disambiguation). Credit Card Accountability Responsibility and Disclosure Act of 2009 Full title An Act to amend the Truth in Lending Act to establish fair and transparent practices relating to the… …   Wikipedia

  • Fair And Accurate Credit Transactions Act - FACTA — A U.S. resolution passed in 2003 that is aimed at enhancing protection measures for identity theft by creating standards for the handling of credit card numbers. This act allows individuals free access to their own credit reports and has created… …   Investment dictionary

  • Fair and Accurate Transactions Act — ( FACT Act) Consumer protection legislation enacted in 2003. The FACT Act, permanently established the Fair Credit Reporting Act s federal pre emption to those areas typically governed by the Fair Credit Reporting Act. Other portions of FACT Act… …   Financial and business terms

  • Credit repair software — enables consumers to correct errors and inaccurate information in their credit reports and to boost their Credit score. In compliance with laws protecting consumers, including the Fair Credit Reporting Act, several companies have introduced… …   Wikipedia

  • credit report — A written account of a consumer s credit history prepared by a credit reporting agency. Credit reports generally include information on loans, credit cards, and other bills and accounts, as well as a record of the consumer s addresses and… …   Law dictionary

  • Credit history — This article deals with the general concept of the term credit history. For detailed information about the same topic in the United States, see Credit score (United States). Credit history or credit report is, in many countries, a record of an… …   Wikipedia


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.