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Fair Credit Reporting Act (FCRA)

Definition - What does Fair Credit Reporting Act (FCRA) mean?

The Fair Credit Reporting Act (FCRA) is a federal statute of the United States that was enacted in 1970 and is enforced by the U.S. Federal Trade Commission. Among other things, the FCRA regulates the collection, access, dissemination, and use of the consumer credit information of United States citizens.

Justipedia explains Fair Credit Reporting Act (FCRA)

There are several agencies in the United States that collect individuals' credit information from various sources and provide it to other entities for a variety of uses; such an agency is often known as a Consumer Reporting Agency (CRA). The FCRA regulates the way in which such CRAs function. Under the FCRA, CRAs are required to provide a consumer with any information regarding the individual that they maintain in their files; are not allowed to reinsert deleted negative information about a consumer following a dispute without informing the customer; and are not allowed to retain negative information about a consumer for an extended period of time.

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