What is FCRA (Fair Credit Reporting Act)? - Definition from Whatis.com

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FCRA (Fair Credit Reporting Act)

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FCRA (Fair Credit Reporting Act)

FCRA (Fair Credit Reporting Act) is a United States Law that regulates how consumer credit information is collected, used and shared. The Act specifies separate responsibilities for credit reporting agencies (CRAs) and the businesses -- typically creditors -- that furnish them with information used to create consumer credit reports. An amendment to FCRA, FACTA (Fair and Accurate Credit Transaction Act) was created, primarily, to protect consumers from identity theft.

FCRA and FDCPA (Fair Debt Collection Practices Act) are the main laws regulating consumer credit rights in the U.S.

Related glossary terms: eavesdropping, CTCI (Computer-to-computer interface), password cracker, QIX (NASDAQ Information Exchange protocol), Real ID, OUCH protocol, PAN truncation (primary account number), FACTA (Fair and Accurate Credit Transactions Act), Red Flags Rule (RFR), Securities and Exchange Commission (SEC)

This was last updated in January 2008

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