Fair Credit Reporting Act (FCRA)

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Fair Credit Reporting Act (FCRA)
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• What is the Fair Credit Reporting Act (FCRA)? The
  Fair Credit Reporting Act (FCRA) details how
  creditors can collect information and access
  debtors credit reports. It ensures fairness,
  accuracy, and privacy of the debtors information
  detailed in credit reports. The complete act can
  be found in the United States Code Title 15,
  Section 1681.

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Fair Credit Reporting Act

• Some permissible purposes for obtaining a
  consumers credit report include 1) The review of
  a borrowers credit profile for a credit
  application 2) The release of a credit report
  for a background check and 3) The request of a
  credit report by the consumer. An order from the
  court, business dealings and child support
  considerations are other reasons one can access a
  credit report.

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• The FCRA also details what information should be
  included on a credit report and the length of
  time they can remain on a credit report. Most
  negative information stays on a credit report for
  seven years. Bankruptcy can remain on a credit
  report for ten years.Debtors are permitted
  access to their file and a free credit report
  once a year.

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