Credit Bureaus

Credit Bureaus

FCRA - The Fair Credit Reporting Act - Credit Bureau Reports
FCRA - The Fair Credit Reporting Act - Country Reports and Information from Credit Bureaus
What is the FCRA The Fair Credit Reporting Act ?
FCRA - The Fair Credit Reporting Act is a federal regulation for Credit Bureaus to protect the consumer against abusive and damaging practices.
The Fair Credit Reporting Act (FCRA) is law created in title VI of the Consumer Credit Protection Act and enacted by the Congress in 1970. (FCRA 15 U.S.C.A. 1681 et seq. 1970). The FCRA was created to regulate the reporting activities to protect the consumer's right to privacy against the informational demands of a credit bureaus and other personal reporting information. The FCRA is the regulation that covers all credit bureaus, consumer reporting industry, investigative reporting, detective and data collection agencies, and the exchanges and lend of computerized information.

The consumer has the right to access to information contained in his credit reports, to correct any erroneous information that may have been one cause to for a denial of credit, contract, insurance, or employment. The consumer has the right to know the name and address of the credit bureau one credit report used to deny a credit or rank negative credit scores to them.

The consumer also have the right to not report adverse credit information older than seven years or bankruptcies older than ten years, and states civil liability for fails in information provided by consumer reporting agencies.
Credit reports are used to integrate information relating to creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living. The data in the credit report must be used to establish the consumer's eligibility for the purposes of employment; credit or insurance for personal, family, or household use; government benefits and licenses to operate particular businesses or practice a profession; and other legitimate business needs.
Reports can be provided also to a court order, a federal Grand Jury subpoena, the Internal Revenue Service, or by written authorization from the consumer.
A consumer reporting agency is one person or corporation that, for monetary fees, dues, or on a cooperative nonprofit basis, regularly assembles or evaluates credit information or other information on consumers for the purpose of furnishing consumer reports to third parties, and uses any means or facility of interstate commerce for the purpose of preparing or furnishing consumer reports. A retail department store or another comparable business that furnishes information to consumer reporting agencies based on its experience with consumers is not considered a consumer reporting agency under the FCRA .
FCRA has not major legislation reforms proposed to address the issues from the technological explosion created by a large increase in consumer debt and the information that it generates.
States also have legislation that covers consumer's rights.
Credit Report 2018