Fair Credit Reporting act (FCRA)

The Fair Credit Reporting Act (FCRA) regulates the collection, dissemination, and use of consumer information by credit reporting agencies. It ensures the accuracy, fairness, and privacy of information in consumer reports. The FCRA requires agencies to follow specific guidelines when handling consumer data, mandates that users of consumer reports notify individuals of adverse actions, and obligates furnishers of information to investigate disputes. It also includes provisions for identity theft prevention and credit report accuracy.