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.