Fair Credit Reporting

Fair Credit Reporting Act:

The Fair Credit Reporting Act (“FCRA”) is a federal law that governs the collection, sharing and subsequent use of consumer credit information. The FCRA was instituted in 1970 and along with the FDCPA, constitutes the backbone of consumer law in the United States. The FCRA provides the guidelines for keeping record of all consumer credit history and promotes the accuracy and privacy of this information.

The FDCPA and FCRA often coincide with one another when a debt collector is at fault. There are many occasions where a collection agency will wrongfully report the account in question to a credit reporting agency, with the sole intention of your cooperation. In other situations, you may have been denied credit because a collection agency or other creditor is inaccurately reporting information.