Fair Credit Reporting Act Fcra Definition Purpose
What Is Fair Credit Reporting Act (FCRA)? Under FCRA, an individual gets some consumer rights like fair treatment by banks, lenders, and creditors. These parties’ violation of Fair Credit Reporting Act can result in lower credit scores, higher loan interest rates, and denial of credit. The law benefits for consumers include accessing their credit information and disputing incomplete or inaccurate details. How Does FCRA Work? The Fair Credit Reporting Act definition suggests a federal law passed in 1970 in the U....