Fair Credit Reporting Act


15 U.S.C. §§ 1681-1681u, as amended

The Act protects information collected by consumer reporting agencies such as credit bureaus, medical information companies and tenant screening services. Information in a consumer report cannot be provided to anyone who does not have a purpose specified in the Act. Companies that provide information to consumer reporting agencies also have specific legal obligations, including the duty to investigate disputed information. Also, users of the information for credit, insurance, or employment purposes must notify the consumer when an adverse action is taken on the basis of such reports. Further, users must identify the company that provided the report, so that the accuracy and completeness of the report may be verified or contested by the consumer. The Fair and Accurate Credit Transactions Act, the Credit CARD Act and Dodd-Frank Act (see below), made a number of substantial changes to this Act. The Red Flag Program Clarification Act of 2010 (Pub. L. 111-319, 124 Stat. 3457) clarifies and narrows the meaning of "creditor" for purposes of the Red Flags provisions.