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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.
If a consumer reporting agency, or, in some cases, a user of consumer reports or a furnisher of information to a consumer reporting agency violates the FCRA, you may be able to sue in state or federal court. Identity theft victims and active duty military personnel have additional rights.
(1) The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system.
The Fair Credit Reporting Act (FCRA) spells out rights for victims of identity theft – and responsibilities for your business. Are you complying with the requirement that you provide victims of identity theft and law enforcers with copies of transaction records related to the theft?
Date. October 12, 2023. The Federal Trade Commission and the Consumer Financial Protection Bureau (CFPB) obtained a settlement that will require credit reporting agency Trans Union LLC and a subsidiary to pay a total of $15... Cases and Proceedings.
FTC Announces Amendments to Rule Providing Model Forms and Disclosures To Facilitate Compliance with the Fair Credit Reporting Act
The Federal Trade Commission approved final revisions that would bring several rules that implement parts of the Fair Credit Reporting Act (FCRA) in line with the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
This title may be cited as the “Fair Credit Reporting Act”. § 602. Congressional findings and statement of purpose [15 U.S.C. § 1681] (a) Accuracy and fairness of credit reporting. The Congress makes the fol-lowing findings: (1) The banking system is dependent upon fair and accurate credit report-ing.
The Fair Credit Reporting Act promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies (CRAs).
The Act also adds provisions designed to prevent and mitigate identity theft, including a section that enables consumers to place fraud alerts in their credit files, as well as other enhancements to the Fair Credit Reporting Act.