What US Fair Credit Reporting Act (15 USC ch 41 subch III): Consumer Reports, Permissible Purposes and Disputes requires
The Fair Credit Reporting Act (FCRA, 15 U.S.C. ch. 41, subchapter III) regulates the collection, use and disclosure of consumer credit information by consumer reporting agencies, enforced by the Consumer Financial Protection Bureau and the Federal Trade Commission, with a private right of action. Section 1681 states the findings and the purpose of ensuring accuracy and fairness in credit reporting and protecting consumer privacy. Section 1681a supplies the definitions, including consumer report and consumer reporting agency. Section 1681b limits the disclosure of a consumer report to permissible purposes, such as a credit transaction, employment with consent, or a legitimate business need. Section 1681c sets requirements on the information that may be reported, including the time limits after which adverse items become obsolete. Section 1681c-1 provides for identity-theft prevention, including fraud alerts and active-duty alerts. Section 1681i sets the procedure a consumer reporting agency must follow when the accuracy of an item is disputed, including reinvestigation within the statutory period. Section 1681m imposes duties on users of consumer reports, including the obligation to give an adverse action notice. Enforcement is provided by section 1681n (civil liability for willful noncompliance, including statutory and punitive damages) and section 1681o (civil liability for negligent noncompliance). The Act is the legal foundation of US credit-reporting accuracy, permissible-purpose limits and consumer dispute rights.
Pillar: Banking & Global Finance · Authority: US Congress / Consumer Financial Protection Bureau (CFPB) · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/content/pkg/USCODE-2022-title15/html/USCODE-2022-title15-chap41.htm
SHA-256 integrity: 9c3699adb1dd2ab800f76cf70fe034bcc40a5ccce2b23a311507cd85dd873ba8
Primary Citations — 8 traced to source
- Fair Credit Reporting Act, 15 U.S.C. 1681 - congressional findings and statement of purpose.
- Fair Credit Reporting Act, 15 U.S.C. 1681a - definitions (consumer report, consumer reporting agency).
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