What is the Fair Credit Reporting Act (FCRA)
Posted by Info BestCreditRx on Fri, Feb 10, 2012 @ 09:24 AM
Good Morning and Welcome! Many people have have had many quesitons about the FCRA. Not only is this informaiton in our "Resources Tab" but we're going to break it down a bit so that its not so "Legal."
Basically the FCRA wanted to address credit issues and provide a remedy to consumers for poor record keeping on the part of the credit reporting agencies. The US Congress first passed the Fair Credit Reporting Act (FCRA) in 1971. Since then, it's been revised and refined several times, most recently in 1997. The laws established by this act require the credit reporting agencies to remove all obsolete, inaccurate, irrelevant, outdated, misidentifying, incomplete, incorrect, erroneous, and misleading information from their credit reports.
Specifically, if the completeness or accuracy of any item in a consumer's file at a credit reporting agency is disputed, the agency should re-investigate free of charge and record the current status of the disputed information and/or delete the item before the end of the 30-day period. The time begins on the date on which the agency receives the notice of dispute.
In addition, the credit reporting agency shall promptly provide notification of any dispute to anyone who provided any item of information in dispute. If an item is found to be inaccurate or incomplete or cannot be verified, the credit reporting agency shall promptly delete the item, or modify the item, as appropriate, and notify the consumer no later than 5 business days after the completion of the re-investigation.
The credit reporting agency must also provide the consumer with notice that a description of the procedure used to determine the accuracy, including the business name, address and telephone number of any furnisher of information, must be made available to the consumer upon request. This description of the re-investigation procedure must be provided within 15 days of the request.
The relevant laws are found in United States Code, Title 15, Chapter 41, entitled Consumer Credit Protection. The laws relating specifically to credit bureaus are found in Subchapter III of the above cited chapter, entitled Credit Reporting Agencies. The laws which detail requirements relating to information contained in credit reports is found in 15 USC § 1681c. The laws which require the credit reporting agencies to assure maximum possible accuracy are found in 15 USC § 1681e.
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