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Fair Credit Reporting Act (FCRA)

1970

15 U.S.C. § 1681 et seq.

📌 Link to the Text of the Act

Read the statute (15 U.S.C. § 1681 et seq.)

📌 Why It Was Done

The FCRA was enacted to promote accuracy, fairness, and privacy in consumer credit reporting. It regulates how consumer information is collected, used, and shared.

📌 Pre-existing Law or Constitutional Rights

Before 1970, credit bureaus operated with little oversight, often compiling inaccurate or secret files on consumers. FCRA established federal rights to transparency and correction.

📌 Overreach or Proper Role?

Supporters say it protects consumers from errors and abuses in credit reporting. Critics argue compliance burdens businesses and litigation risks can be high.

📌 Who or What It Controls

  • •
    Consumer reporting agencies (credit bureaus like Equifax, Experian, TransUnion)
  • •
    Users of credit reports (lenders, employers, insurers)
  • •
    Consumers (gain rights to access, dispute, and correct their credit information)

📌 Key Sections / Citations

  • •
    15 U.S.C. § 1681c: Limits on reporting of obsolete information
  • •
    15 U.S.C. § 1681i: Procedures for correcting inaccurate information
  • •
    15 U.S.C. § 1681s-2: Duties of furnishers of credit information

📌 Recent Changes or Live Controversies

  • •
    Amendments expanded protections for identity theft victims
  • •
    Ongoing scrutiny of credit bureaus after major data breaches (e.g., Equifax 2017)
  • •
    Debates about medical debt reporting and credit report accuracy continue

📌 Official Sources