Fair Credit Reporting Act. A federal law which requires a lender who is rejecting a loan request because of adverse credit information to inform the borrower of the source of such information. This law also requires consumer reporting agencies to exercise fairness, confidentiality and accuracy in preparing and disclosing credit information.
Fair Credit Reporting Act. Federal legislation enforced by the Federal Trade Commission to promote accuracy and ensure the privacy of information used in consumer reports. The FCRA also provides regulations for consumer reporting agencies to follow with regards to consumers' files. Amendments made to the Fair Credit Reporting Act (FCRA) require Consumer Reporting Agencies to adhere to additional regulations to help consumers gain access to the information in the consumer file as well as promote greater accuracy of the information in the file. In addition, FACTA provides special provisions to help consumers who become the victim of identity theft.
Fair Credit Reporting Act. A federal law whose purpose is to ensure that agencies that prepare credit reports act fairly, accurately and with respect to privacy rights. The FCRA also gives individuals the right to get a copy of their credit report.
Fair Credit Reporting Act. Enforced by the FTC (Federal Trade Commission), this act was passed by Congress to protect consumers when dealing with consumer reporting agencies (CRAs), like credit bureaus. The FCRA was designed to insure CRAs provide accurate credit histories, and to insure the privacy of that information.
Fair Credit Reporting Act. The Federal Act that states that you have a right to check and correct errors on your credit report as well as verify that your credit history isnâ€(tm)t being misused.
Fair Credit Reporting Act. When a lender turns down a potential borrower because of poor credit, a Federal law requires the lender who is declining the loan to inform the borrower of the source of such information.
Fair Credit Reporting Act. The FCRA is designed to protect individuals, by promoting accuracy, fairness, and privacy of information in the files of every Consumer Reporting Agency (CRA). Companies that perform pre-employment screening services are governed by the FCRA, as are the employers that use background screening services.
Fair Credit Reporting Act. The FCRA protects consumers' privacy by defining permissible purposes a business or individual must have when requesting a credit report; provides consumers with the right to obtain copies of their credit reports for free if denied credit; defines obsolete information; and declares that reasonable procedures must be used to ensure accuracy.
Fair Credit Reporting Act. A United States federal law designed to help ensure that consumer reporting agencies act fairly, impartially, and with respect for the consumer's right to privacy when preparing consumer reports on individuals. See also consumer reporting agency.
Fair Credit Reporting Act. A law that establishes consumer rights in regards to credit reports. The FCRA governs credit report agencies and does the following to protect consumers: limits the purposes for which credit can be checked, ensures consumers have the right to view their credit files, and provides consumers with the right to correct errors in their credit reports.
Fair Credit Reporting Act. A federal law that protects your right to know what's in your credit report, sets up procedures to ensure that credit reporting agencies follow reasonable procedures to furnish correct information about you, and ensures only entities with permissible purpose have access to your file. Back to Glossary Index
Fair Credit Reporting Act. The FCRA is the U.S. federal legislation that governs the actions of CRAs.
Fair Credit Reporting Act. Federal law, which dictates acceptable and non-acceptable practices and procedures involved in the reporting of credit information related to a consumer.
Fair Credit Reporting Act. In the United States, a federal law that regulates the reporting and use of consumer credit information and seeks to ensure that reports from consumer reporting agencies contain only accurate, relevant, and recent information. See also consumer credit report and consumer reporting agency.
See Fair Credit Reporting Act.
FAIR CREDIT REPORTING ACT. A consumer protection law that regulates the disclosure of consumer credit reports by credit reporting agencies and establishes procedures for correcting mistakes in a person's credit record.
Fair Credit Reporting Act. Federal law requiring consumer-reporting agencies to be impartial and maintain the consumer's right to privacy.
A federal law, established in 1971, and revised in 1997, which enables consumers to learn what information Credit Reporting Agencies have on file about them, and to dispute inaccurate data in the file. The Fair Credit Reporting Act also establishes specific permissible purposes for which credit reports may be requested, and places time limits on how long adverse information may be reported.
Fair Credit Reporting Act. The FCRA is a U.S. federal law that gives everyone the right to see what the CRA's have on file in their credit report. It also outlines permissible purposes for obtaining a periodic free copy of a credit report. And if there are any inaccuracies found, they have the right to dispute them.
Fair Credit Reporting Act. Is a central rule, established in 1971 and amended in 1997. This law enables the borrowers to know their credit reports with the Credit Reporting Agencies. The customers can question any false information filed against them. This rule also enables the customers to see their credit report for certain purposes and also specifies a time period for which the records can be held in Credit Report.
Fair Credit Reporting Act. Federal legislation that promotes the accuracy, confidentiality and proper use of information in the files of every "consumer reporting agency". The FCRA was enacted in 1970.
The Fair Credit Reporting Act (FCRA) is a federal law enforced by the Federal Trade Commission that is designed to promote accuracy and ensure the privacy of the information used in consumer reports produced by consumer reporting agencies. The FCRA contains specific requirements on the use of consumer reports for purposes of employment.
Fair Credit Reporting Act. stipulates the requirements of users of credit reports and disclosure to consumer.
Fair Credit Reporting Act. Federal law that requires that creditors refrain from reporting incorrect information to credit bureaus. The law also requires credit bureaus to adopt reasonable procedures for gathering, maintaining and disseminating information and stops credit bureaus from reporting negative information that is older than seven years, except a bankruptcy, which may be reported for ten.
Fair Credit Reporting Act. The federal law that promotes accuracy and ensures the privacy of the information in consumer reports, including credit histories. The Federal Trade Commission enforces FCRA.
Fair Credit Reporting Act. A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to adopt reasonable procedures for gathering, maintaining and disseminating information and bars credit bureaus from reporting negative information that is older than seven years, except a bankruptcy, which may be reported for ten. If you notify a credit bureau of an error in your credit report, the FCRA requires the bureau to investigate your allegations within 30 days, review all information you provide, remove inaccurate and unverified information and adopt procedures to keep the information from reappearing. In addition, the law requires that creditors refrain from reporting incorrect information to credit bureaus.
Fair Credit Reporting Act. Federal legislation governing the actions of credit reporting agencies.