Federal Law Reference
Fair Credit Reporting Act (FCRA)
15 U.S.C. § 1681 et seq. | Enacted 1970 | Last major amendment: 2018 (EGRRCPA)
Training Reference: This page is provided as an educational resource for RPA Commercial Loans (RPACL) loan originators. For official text, consult the Consumer Financial Protection Bureau at consumerfinance.gov.
Sections
Overview, What Is the FCRA?
The Fair Credit Reporting Act (FCRA), 15 U.S.C. § 1681 et seq., was enacted by Congress in 1970 to promote the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. It was substantially amended by the Fair and Accurate Credit Transactions Act (FACTA) of 2003 and the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) of 2018.
The FCRA applies to consumer reporting agencies (CRAs), furnishers of information (creditors, lenders, employers), and users of consumer reports (lenders, landlords, employers). Primary enforcement is by the CFPB for most financial institutions, and the FTC for non-bank entities.