What is the Fair Credit Reporting Act?
The Fair Credit Reporting Act, also known as Regulation V or FCRA, defines the responsibilities and liabilities of those who provide information to and access data from Consumer Reporting Agency. It is designed to promote accuracy, fairness and privacy of information in the files of Credit Reporting Agencies by:
- Regulating the Consumer Reporting Industry
- Placing disclosure obligations on users of consumer reports
- Ensure accurate reporting of credit information
- Restricting the use of reports on consumes
- Requiring the deletion of obsolete information