What is the Fair Credit Reporting Act?

Federal law giving individuals the right to examine their own credit history. The provisions of this law enable consumers to approach credit reporting agencies to see what the agencies may be saying about them, find out if their credit information has been used by any third parties, and approach an agency to dispute wrongful use or interpretation of their information.

Consumer rights under the FCRA stipulate that:

• The consumer must be told if information in his file has been used against him. Anyone who uses a credit report or another type of consumer report to deny a consumer's application for credit, insurance, or employment must tell the consumer and must give him the name, address, and phone number of the agency that provided the information. 
• The consumer has the right to know what is in his file. The consumer may request and obtain all the information about him in the files of a consumer reporting agency after providing proper identification. Consumers are entitled to one free disclosure every months upon request from each nationwide credit bureau and from nationwide specialty consumer reporting agencies. 

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Credit report generally is individual's credit history which is being generated by credit reporting agencies it's generally involve individual's bank details such as total loans ,credits against their savings . Fair Credit report act is legislation enacted to promote the accuracy , fairness and privacy of consumer information contained in the files of consumer reporting agencies .

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The Fair Credit Reporting Act (FCRA) is United States federal legislation that promotes accuracy, fairness and privacy for data used by consumer reporting agencies.

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