Fair Credit Reporting Act (FCRA)

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The Fair Credit Reporting Act (FCRA) is a federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes.

Fair Credit Reporting Act Explained

The FCRA regulates consumer credit reporting and related industries to ensure that consumer information is reported in an accurate, timely, and complete manner. The Act was amended to address the sharing of consumer information with affiliates.

The FCRA covers the reporting of debt repayment information, requiring, for example, the removal of certain information after seven or ten years, and giving consumers the right to know what is in their credit reports, to dispute inaccurate information, and to add a brief statement explaining accurate negative information.

Learn more about your consumer rights under the FCRA.

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