15 Fair Credit Reporting Act (FCRA)

The FCRA was enacted

1) To prevent the misuse of sensitive consumer information by limiting recipients to those that have a legitimate need for it 2) Improve the accuracy and integrity of consumer reports & 3) Promote the efficiency of the nations banking and consumer credit systems.

A consumers <C______> is required for reports to be provided to employers

Consent

Under FCRA consumers have the right to <D______> incomplete or inaccurate information, and if the dispute is not resolved , they can add a <S______ E_________> to their credit report

Dispute/Summary Explanation

A provision of FCRA is that consumers must be informed

if their file has been used against them & consumers have a right to know what's in their file.

Consumer Reporting Agencies (CRA's) must <C______> or <D_____> inaccurate, incomplete or unverifiable information, with <__> days.

Correct or delete......30 days

The fair credit reporting act promotes

Accuracy, fairness & the privacy of personal information gathered by Consumer Reporting Agencies

Victims of <I_____ T____> & <M_______> Personnel are granted additional rights

Identity Theft/Military

Under the FCRA consumers have the <R_____> to ask for their credit scores

Right

Generally outdated negative information may not be reported by CRAS after < > years

Seven

FCRA is administered by:

The CFPB (Was originally administered by the FTC)

The FCRA regulates

The practice of CRA's that collect & compile personal information into consumer reports for use by credit grantors, insurance companies, employers, landlords & other entities that can demonstrate a permissible purpose under FCRA