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The Fair Credit Reporting Act (FCRA) , 15 U.S.C. § 1681 et seq., governs access to consumer credit report records and promotes accuracy, fairness, and the privacy of personal information assembled by Credit Reporting Agencies (CRAs).

The Act (Title VI of the Consumer Credit Protection Act) protects information collected by consumer reporting agencies such as credit bureaus, medical information companies and tenant screening services. Information in a consumer report cannot be provided to anyone who does not have a purpose specified in the Act.

The FCRA provides important protections for credit reports, consumer investigatory reports, and employment background checks. The FCRA is a complex statute that has been significantly altered since 1970 by Congress and the courts.

In contrast to the GLBA, the FCRA regulates sharing of information between affiliated entities. (An “affiliate” is generally any company that controls, is controlled by, or is under common control with another company.) Generally, whenever consumer information is shared between affiliates, the FCRA will come into play.

Key Takeaways People often can't view your credit report without your express permission. Lenders, financial institutions, and individuals may check your credit report to decide on loans, extending credit, or rent applications.

FAIR CREDIT REPORTING ACT/REGULATION V. Section 623 of the FCRA and Regulation V generally provide that a furnisher must not furnish inaccurate consumer information to a CRA, and that furnishers must investigate a consumer's dispute that the furnished information is inaccurate or incomplete.

Medical information is defined under the FCRA as: Information or data, whether oral or recorded, in any form or medium, created by or derived from a health care provider or the consumer, that relates to—(A) the past, present, or future physical, mental, or behavioral health or condition of an individual; (B) the ...

Under Section 624, an entity may not use information received from an affiliate to market its products or services to a consumer, unless the consumer is given notice and a reasonable opportunity and a reasonable and simple method to opt out of the making of such solicitations.

(b) Duration of opt-out election. An opt-out election must be effective for a period of at least five years beginning when the consumer's opt-out election is received and implemented, unless the consumer subsequently revokes the opt-out election in writing or, if the consumer agrees, electronically.