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The Fair Credit Reporting Act ( FCRA ), 15 U.S.C. ยง 1681 et seq., is federal legislation enacted to promote the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies. It was intended to shield consumers from the willful and/or negligent inclusion of erroneous data in their credit reports.
Key takeaways. The Fair Credit Reporting Act protects consumer privacy in part by limiting who is allowed to view your credit report and why. Because your credit report contains private ...
The act allows consumers to request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies (Equifax, Experian, and TransUnion). In cooperation with the Federal Trade Commission , the three major credit reporting agencies set up the web site AnnualCreditReport.com to provide ...
If a consumer if affected by the contents of their report, the user of the report must notify the consumer so that he or she can access their file and receive an explanation of the contents of their file from the agency. The FCRA also includes the Red Flag Rule, which was added by the Fair and Accurate Credit Transactions Act.
Credit bureau. A credit bureau is a data collection agency that gathers account information from various creditors and provides that information to a consumer reporting agency in the United States, a credit reference agency in the United Kingdom, a credit reporting body in Australia, a credit information company ( CIC) in India, a Special ...
The act also makes it illegal to obtain drivers' information for unlawful purposes or to make false representations to obtain such information. The act establishes criminal fines for noncompliance, and establishes a civil cause of action for drivers against those who unlawfully obtain their information. Legislative history
The law was the first in the nation to regulate consumer health data not protected by HIPAA. The law requires companies to obtain prior authorization to obtain, share, or sell health data, including data that can be used to infer or linked to health status, such as purchasing medications or digestion tracking.
Under the RFPA, the FBI could obtain records with a national security letter (NSL) only if the FBI could first demonstrate the person was a foreign power or an agent of a foreign power. Compliance by the recipient of the NSL was voluntary, and states' consumer privacy laws often allowed financial institutions to decline the requests.