Fair Credit Reporting Act (FCRA)

The Fair Credit Reporting Act is designed to regulate the use of consumer credit information in a manner that is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy and proper utilization of such information.

In general, the FCRA requires financial institutions to notify consumers when adverse action has been taken and requires Consumer Reporting Agencies (like TransUnion, Equifax and Experian) to disclose consumer reports to individuals, to investigate disputed information, and to correct errors.  The FCRA also restricts the use of consumer reports and requires the deletion of information older than prescribed periods.

Common Violations:

  • Inaccurate reporting on credit history as to the amount or the date of activity
  • Reporting credit information on wrong person’s credit file
  • Failing to properly investigate a consumer’s dispute of a reported item
  • Failing to keep consumer credit information confidential

If you believe that an item on your credit report is inaccurate, contact us today for a free consultation at (816) 994-6200

See below for the full text of the Fair Credit Reporting Act.