FCRA was enacted to promote the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies. This title [enacting subchapter III] may be cited as the ‘Fair Credit Reporting Act.”.
FCRA was enacted in section 601 of title VI of Pub. L. 90–321, as added by Pub. L. 91–508; title VI, §601, Oct. 26, 1970, 84 Stat. 1128 , as amended by Pub. L. 108–159, title VIII, §811(a), Dec. 4, 2003, compiled at 117 Stat. 1952 to 2012, and codified at 15 USC 1681.
Title 15 – United States Code – Commerce and Trade
Chapter 41 – Consumer Credit Protection
Subchapter III – Credit Reporting Agencies (secs. 1681 – 1681x)
15 USC 1681 –
(a) Accuracy and fairness of credit reporting – The Congress makes the following findings: (1) The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system. (2) An elaborate mechanism has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers. (3) Consumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers. (4) There is a need to ensure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumer’s right to privacy.
(b) Reasonable procedures – It is the purpose of this subchapter to require that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information in accordance with the requirements of this subchapter.
Note from the Editor > Please consult the online code at www.govinf.gov for the remaining statutes which are extensive.
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