Get Fair Credit Act

Under the Fair Credit Reporting Act (FCRA), you have a right to the fair and accurate reporting of your credit information. ... If someone violates your rights under the FCRA, you have some remedies available. Those remedies might include actual damages, punitive damages, attorneys' fees, and costs.

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.

Notice violations under the FCRA might occur when: a creditor fails to notify you when it supplies negative credit information to a CRA. a user of credit information (such as a prospective employer or lender) fails to notify you of a negative decision based upon your credit report.

The FCRA gives you the right to be told if information in your credit file is used against you to deny your application for credit, employment or insurance. The FCRA also gives you the right to request and access all the information a consumer reporting agency has about you (this is called "file disclosure").

The statement that a dispute meets the requirements of the FCRA means both that the consumer filed a formal dispute, and that the CRA has issued a formal Notice of Results of Reinvestigation finding the asserted inaccuracy has been verified as accurate.

The Fair Credit Reporting Act (FCRA) is a federal law that helps to ensure the accuracy, fairness and privacy of the information in consumer credit bureau files. The law regulates the way credit reporting agencies can collect, access, use and share the data they collect in your consumer reports.

The FTC has also increased the maximum penalty for knowing violations of Section 621(a)(2) of the Fair Credit Reporting Act (FCRA) from $3,500 to $3,756. Although this increase is more modest, its impact can be significant, as the FTC's FCRA enforcement actions typically allege numerous violations.

All of these companies the lenders and creditors you apply with and the credit bureaus must operate under laws protecting consumers and how their credit information can be used. The primary law is the Fair Credit Reporting Act (FCRA).

The FCRA ensures that credit reporting agencies (the companies that create consumer credit reports) only include true, verifiable information in your report and that it is kept private and only given to entities that have a valid reason and, in most cases, your permission to view it.