Credit Reporting

Consumer Finance

Credit Reporting

The Fair Credit Reporting Act promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies (CRAs). To ensure compliance, the agency pursues an aggressive enforcement program aimed at the main players in the credit reporting system – CRAs, those who send them information, and consumer report users. In recent years, the FTC has sued the three nationwide CRAs – Equifax, Experian, and TransUnion – obtaining nearly $3 million in civil penalties. The FTC also sued a major consumer data broker, ChoicePoint, Inc., and made them pay $15 million in penalties and consumer refunds for not screening prospective subscribers before selling them sensitive consumer information. The FTC also charged companies with furnishing inaccurate information to CRAs.

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