What is the full form of FCRA?
- on Jun 13, 2022
FCRA stands for Fair Credit Reporting Act.
|Full Form||Fair Credit Reporting Act|
|Category||Governmental » Law & Legal|
What is FCRA?
The Fair Credit Reporting Act (FCRA) is a federal law that sets standards for the collection, use, and disclosure of information about consumers by credit reporting agencies. The FCRA requires credit reporting agencies to provide accurate and current information about consumers.
FCRA requires credit reporting agencies to:
1. Furnish each consumer with a copy of their credit report at least once per year.
2. Make available to each consumer a free copy of their credit report if they request it within 60 days after receiving their report.
3. Give each consumer the right to dispute any item in their credit report. If a consumer disputes an item, the credit reporting agency must investigate the disputed information and correct it if it is inaccurate.
4. Send notifications to consumers about changes to their credit reports.
5. Make available to consumers free access to their account information, including all disputes and notices related to their account.
6. Cooperate with law enforcement authorities in accordance with applicable law when requested to do so.
7. Cooperate with investigations by regulatory authorities into possible violations of the FCRA.
8. Report annually to Congress on the activities of the credit reporting industry and submit any recommendations that it may have concerning the improvement