Fair Credit Reporting Act Definition
The Fair Credit Reporting Act (FCRA) is a federal law regulating the collection and use of specific information related to the financial credit history of an individual consumer. The Act outlines the level of privacy and accuracy required by credit reporting agencies. It also protects consumer rights.
FCRA is an acronym for the Fair Credit Reporting Act. Originally passed into the federal law of the United States in 1970, this Act regulates the collection and use of financial information to make sure it is accurate and fair. The Act also mandated consumer rights to receive information about their credit history and score. The Federal Trade Commission (FTC) is authorized to enforce the rules of this Act.
What is the Fair Credit Reporting Act?