What is the FCRA?

What is the FCRA?

What is the FCRA? The FCRA is the Fair Credit Reporting Act, a consumer protection statute that “was enacted ‘to require that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit . . . in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy and proper utilization of such information.'” The FCRA is to be liberally construed in favor of consumers.

What is the purpose of the FCRA?

The purpose of the FCRA could not be more clear.  In fact, Congress chose to include Section 1681, titled Congressional findings and statement of purpose. In Section 1681(a), the FCRA recognizes that “the banking system is dependent upon fair and accurate credit reporting” noting that “unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system.” Additionally, the FCRA states, “There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumer’s right to privacy.”

What is a FCRA violation?

There are a variety of FCRA violations and credit report errors.  The most common violations of the FCRA are inaccurate credit information, obsolete credit information (old accounts), and unauthorized access to personal credit information. Further, the FCRA includes provisions for both civil and criminal liability.

Tampa FCRA Attorney

For more information about the FCRA or assistance in reviewing and disputing inaccurate information, please contact Tampa FCRA Attorney Scott Florin at Florin Legal, P.A. at (813)724-3063.