The Fair Credit Reporting Act, 15 U.S.C. § 1681, is U.S. Federal Government legislation enacted to promote the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies.
The FCRA applies to any company that collects and sells data about you to third parties. Such companies, known as consumer reporting agencies, must follow the stipulations of the FCRA. Contrary to what many people believe, credit bureaus aren’t government agencies. Rather, they are for-profit, publicly traded companies.
The FCRA also regulates businesses that share your information with consumer reporting agencies. These companies are known as data furnishers, and may include banks, credit unions, credit card issuers, collection agencies and other types of creditors.
The FCRA spans about 100 pages in length. The contents of this federal law cover many rules and regulations. These rules pertain to credit reporting, identity theft, the privacy of consumer information and more. Some of the major rights protected under the FCRA are: