Fair Credit Reporting Acts

Fair Credit Reporting Acts
Federal Act. This law represents the first Federal regulation of the vast consumer reporting industry, covering all credit bureaus, investigative reporting companies, detective and collection agencies, lenders' exchanges, and computerized information reporting companies. The purpose of this Act is to insure that consumer reporting activities are conducted in a manner that is fair and equitable to the affected consumer, upholding his right to privacy as against the informational demands of others. The consumer is given several important rights, including the right to notice of reporting activities, the right to access to information contained in consumer reports, and the right to correction of erroneous information that may have been the basis for a denial of credit, insurance, or employment. 15 U.S.C.A. No. 1681 et seq.
See also consumer reporting agency.
State Acts. Typical state acts cover consumer's rights against credit investigatory agencies; prohibit reporting of obsolete information; require that person giving credit disclose to consumer that report is being obtained, and require reporting agency to make copy available to consumer

Black's law dictionary. . 1990.

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  • Fair Credit Reporting Acts — Federal Act. This law represents the first Federal regulation of the vast consumer reporting industry, covering all credit bureaus, investigative reporting companies, detective and collection agencies, lenders exchanges, and computerized… …   Black's law dictionary

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  • credit — The ability of a business or person to borrow money, or obtain goods on time, in consequence of the favorable opinion held by the particular lender as to solvency and past history of reliability. In re Ford, B.C.Wash., 14 F.2d 848, 849.… …   Black's law dictionary

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