What do you need to know about the Fair Credit Reporting Act?
A Summary of Your Rights Under the Fair Credit Reporting Act. The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of. information in the files of consumer reporting agencies.
What is the Fair Credit Reporting Act 602?
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 following findings: (1) The banking system is dependent upon fair and accurate credit reporting.
What is Title VI of the consumer credit protection act?
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.
What does FCRA stand for?
s a public service, the staff of the Federal Trade Commission (FTC) has prepared the following complete text of the Fair Credit Reporting Act (FCRA), 15 U.S.C. § 1681 et seq.
How do I sue under the Fair Credit Reporting Act?
You may sue under the FCRA for violations of the Act. Credit scores are available to you on request from from mortgage credit agencies and sometimes from mortgage lenders. There may be a fee for the score. Official FTC Summary of Rights: http://www.consumer.ftc.gov/articles/pdf-0096-fair-credit-reporting-act.pdf
What is Section 602 of the Fair Credit Reporting Act?
Section 602 – Why Congress found a need for the law, i.e. a credit reporting system that is fair and accurate to the consumer, and protects the privacy and specifies the permitted uses of consumer information — go to Section 602. Section 603 – Important definitions of key terms used in the Act.
Who is the main enforcer of the Fair Credit Act?
Section 621 – The Federal Trade Commission is the main enforcer of the Act — Section 621. Section 622 – Requirements regarding the reporting of overdue child support — go to Section 622. Section 623 – Companies that report your credit information have important responsibilities — Section 623.