What is the Fair Credit Reporting Act?

Fair Credit Reporting Act

The Fair Credit Reporting Act (FCRA), enforced by the Federal Trade Commission, is designed to promote accuracy and ensure the privacy of the information used in consumer credit reports.

Recent amendments to the Act expand your rights and place additional requirements on credit reporting agencies (CRAs). Businesses that supply information about you to CRAs and those that use consumer reports also have new responsibilities under the law.

Here are some questions consumers commonly ask about consumer reports and CRAs, and their answers: Fair Credit Reporting. (Note that you may have additional rights under state laws. Contact your state Attorney General or local consumer protection agency for more information.)

Although the FTC can't act as your lawyer in private disputes, information about your experiences and concerns is vital to the enforcement of the Fair Credit Reporting Act. Send your questions or complaints to: Consumer Response Center — FCRA, Federal Trade Commission, Washington, D.C. 20580

The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or to get free information on consumer issues, visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft and other fraud-related complaints into Consumer Sentinel, a secure, online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.

Here is more advice and input from FAQ Farmers:

• The Act is overseen by the FTC. Goal to protect consumer rights. Practical applications, for example: how to handle annoying debt collectors, etc.

First answer by Chris. Last edit by Chris. Contributor trust: 2889 [recommend contributor]. Question popularity: 384 [recommend question]