Fair Credit Report Act
Fair Credit Report Act
The Fair Credit Report Act
Fair Credit Report Act
What is the Fair Credit Report Act? Also known as FCRA, it was first enacted in 1970 to protect how personal data was stored. This is the United States first information privacy statute.
Our banks and the system they are governed by thrive on the development of accurate Credit information. Any deviation from fair credit reporting is not only a violation of the Fair Credit Report Act but it is, at the very core of the concept of banking, very detrimental to our national and global economy.
Thanks to the Federal Trade Commission an extensive process has been put in place for evaluating credit worthiness, credit standing, credit capacity, the borrowers character and many other personal factors which can guide lenders, using a very stringent set of rules, into making lending decisions.
Consequently many consumer credit reporting agencies have, under the guidelines of the Fair Credit Report Act, been established to provide credit information services to lenders. These agencies are monitored to ensure that fairness and accuracy guide the hands of those who report on credit matters for private citizens.
In short, it pays to understand what your rights as a consumer are under the Fair Credit Report Act. It is vitally important to keep in mind that while the Fair Credit Report Act is in place, there is still a human variable involved in the equation, and while it may seem that accurate credit reporting is best left to those guided by the Fair Credit Report Act, it is ultimately you, the consumer who is responsible for personal credit records. Make sure that you understand and use the Fair Credit Report Act to protect your rights. It is there for you!
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