Fair Credit Reporting Act

Fair Credit Reporting Act
Great Seal of the United States
Other short titles
  • Consumer Credit Protection Act Amendment
  • Consumer Credit Reporting
  • Credit Reporting Agencies
Long titleAn Act to amend the Federal Deposit Insurance Act to require insured banks to maintain certain records, to require that certain transactions in U.S. currency be reported to the Department of the Treasury, and for other purposes.
NicknamesFederal Deposit Insurance Act Amendments
Enacted bythe 91st United States Congress
EffectiveOctober 26, 1970
Citations
Public law91-508
Statutes at Large84 Stat. 1114-2 aka 84 Stat. 1127
Codification
Titles amended
U.S.C. sections amended
Legislative history
  • Introduced in the House as H.R. 15073 on December 3, 1969
  • Passed the House on May 25, 1970 (302–0)
  • Signed into law by President Richard Nixon on October 26, 1970
Major amendments
Fair and Accurate Credit Transactions Act
Credit CARD Act of 2009
USA Freedom Act
United States Supreme Court cases

The Fair Credit Reporting Act (FCRA), 15 U.S.C. § 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. To that end, the FCRA regulates the collection, dissemination, and use of consumer information, including consumer credit information.[1] Together with the Fair Debt Collection Practices Act (FDCPA), the FCRA forms the foundation of consumer rights law in the United States. It was originally passed in 1970,[2] and is enforced by the U.S. Federal Trade Commission, the Consumer Financial Protection Bureau, and private litigants.

  1. ^ Dlabay, Les R.; Burrow, James L.; Brad, Brad (2009). Intro to Business. Mason, Ohio: South-Western Cengage Learning. p. 471. ISBN 978-0-538-44561-0.
  2. ^ "Budgeting Tools". Money Management. Archived from the original on February 8, 2009. Retrieved October 2, 2012.