What is the FCRA?

By E-Renter Tenant Screening
Posted on September 27, 2008 under FCRA Issues | Be the First to Comment

The Fair Credit Reporting Act is Federal law regulating the collection, use, and distribution of consumer credit information.

FCRA was enacted in 1970, and substantially amended in the late 1990s and in 2003, and forms the basis for all consumer credit rights. The law is intended to ensure privacy and accuracy of credit reports.

FCRA regulates activities by:

• consumer reporting agencies
• any person or company providing information to those consumer reporting agencies
• any person or company using the information for credit, employment, or insurance purposes.

FCRA also provides consumers the right to periodically review and have errors corrected in their credit records. The Fair and Accurate Credit Transactions Act of 2003 allows consumers to have easier access to view their reports and dispute incorrect items.