The Fair Credit Reporting Act (FCRA)

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What is the Fair Credit Reporting Act (FCRA)? The FCRA details how creditors can collect information and access debtor’s credit reports. It ensures fairness, accuracy, and privacy of the debtor’s information detailed in credit reports. You can find the complete act in the United States Code Title 15, Section 1681.

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Fair Credit Reporting Act

Some permissible purposes for obtaining a consumer’s credit report include

1) The review of a borrower’s credit profile for a credit application;

2) The release of a credit report for a background check and;

3) The request for a credit report by the consumer.

An order from the court, business dealings, and child support considerations are other reasons one can access a credit report.
The FCRA also details what information should be included on a credit report and the length of time they can remain on a credit report. Most negative information stays on a credit report for seven years. Bankruptcy can remain on a credit report for ten years.
Debtors have permission to access their files and a free credit report once a year.

What are some of the federal consumer protection laws?

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What are some of the Federal Consumer protection laws?

At The Law Office of Tony Turner, attorney Tony Turner is often asked, “What are some of the Federal Consumer protection laws?”

  • The Credit Repair Organizations ActThe Credit Repair Organizations Act is an act that mandates credit repair organizations give you a copy of your rights as a consumer before you sign a contract. The credit repair organization must also give you a written contract that details your rights and responsibilities,  and are not obligated to pay them until they have fulfilled their obligations. 
  • The Fair Credit Reporting Act (FCRA)– FCRA promotes the accuracy, fairness, and privacy of information maintained and reported by credit agencies.
  • The Equal Credit Opportunity Act (ECOA)– The ECOA prohibits creditors from discriminating against applicants based on sex, race, color, marital status, religion, national origin, age, receipt of public assistance, or prior exercise of any rights under the Consumer Credit Protection Act.
  • The Fair Credit Billing Act (FCBA) and Electronic Fund Transfer Act (EFTA)Established procedures for resolving mistakes on credit billing and electronic fund transfer account statements such as credit and debit cards.
  • The Fair Debt Collection Practices Act (FDCPA) – FDCPA prohibits debt collectors from using unfair, deceptive, or abusive practices to collect