FCRA Basics (Fair Credit Reporting Act)

• regulates consumer information
• provides guidelines for NCRAs for use of consumers credit information
• outlines consumer rights regarding credit information
• includes public records

Purpose of FCRA is to require NCRAs to adopt reasonable procedures that are fair and equitable to the consumer in terms of:

• Confidentiality
• Accuracy
• Relevancy
• Proper Use

Role: follow the guidelines of the FCRA and the other U.S. Laws related to consumer information.

*Failure to abide will lead to 2 years of imprisonment

What FCRA covers

• Access to a consumer's credit information
• Accuracy of a consumers' credit information
• Employment a consumer's employment information

ACCESS clearly and accurately disclose Free Credit report

• the FCRA provides free credit report annually at no charge form each NCRA Permissible Purpose
• a credit file can only be disclosed to a third party for reason decided by FCRA *Consumers must be authenticated

ACCURACY of CCF

• Reinvestigate the matter
• Track the current record
• Delete the item from the credit file within 30 days

EMPLOYMENT CRAs must COMPLY in compiling, storing and reporting employment information

• Public record information about the consumer is reported to the credit grantor

============= RELATED LAWS

Equal Credit Opportunity Act (ECOA)

• this law ensures that credit decisions are based on objective criteria and that creditors do not discriminate against consumers for arbitrary reasons.

Counterfeit Access Device and Computer Fraud and Abuse Act

• this law requires that individuals "must be authorized" to access a computer and its information

Fair Debt Collection Practices

• this law "restricts" the situation and actions "debt collector" use to "receive payment" from consumers, such as abusive, threatening behavior and unfair practices.

Fair Billing Act

• this law protects consumers rights related to "billing errors".
• consumers can report within 60 days / within 30 days

Fair and Accurate Credit Transactions Act (FACTA)

• this law provides additional protection to consumers who are victims of fraud or identity theft