Fair Credit Reporting Act (FCRA, 1970)

1) Link to the Text of the Act
Read the statute (15 U.S.C. § 1681 et seq.)

2) Why It Was Done
The FCRA was enacted to promote accuracy, fairness, and privacy in consumer credit reporting. It regulates how consumer information is collected, used, and shared.

3) Pre-existing Law or Constitutional Rights
Before 1970, credit bureaus operated with little oversight, often compiling inaccurate or secret files on consumers. FCRA established federal rights to transparency and correction.

4) Overreach or Proper Role?
Supporters say it protects consumers from errors and abuses in credit reporting. Critics argue compliance burdens businesses and litigation risks can be high.

5) Who or What It Controls

• Consumer reporting agencies (credit bureaus like Equifax, Experian, TransUnion)
• Users of credit reports (lenders, employers, insurers)
• Consumers (gain rights to access, dispute, and correct their credit information)

6) Key Sections / Citations

• 15 U.S.C. § 1681c: Limits on reporting of obsolete information
• 15 U.S.C. § 1681i: Procedures for correcting inaccurate information
• 15 U.S.C. § 1681s-2: Duties of furnishers of credit information

7) Recent Changes or Live Controversies

• Amendments expanded protections for identity theft victims
• Ongoing scrutiny of credit bureaus after major data breaches (e.g., Equifax 2017)
• Debates about medical debt reporting and credit report accuracy continue

8) Official Sources

• U.S. Code – Title 15, Subchapter III
• Consumer Financial Protection Bureau – FCRA
• FTC – Credit Reporting

• Consumer Protection
• Credit
• Privacy
• Finance
• Reporting