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Topic: Fair Credit Reporting Act

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Credit report

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Identity theft

	Fair Credit Reporting Act - Wikipedia, the free encyclopedia
		The Fair Credit Reporting Act (FCRA) is an American federal law (codified at 15 U.S.C. et seq.) that regulates the collection, dissemination, and use of consumer credit information.
		Important aspects of this law concern whether the subject matter are credit reports which fall within this Act's protections or whether it is general information of the type Lexis, Westlaw, Choicepoint and other data gatherers maintain.
		In 2003 FCRA was amended by Fair and Accurate Credit Transactions Act to guard against identity theft.
	en.wikipedia.org /wiki/Fair_Credit_Reporting_Act (269 words)

	Fair Credit Reporting Act (Site not responding. Last check: 2007-10-13)
		Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system.
		A consumer reporting agency may not prohibit a user of a consumer report furnished by the agency on a consumer from disclosing the contents of the report to the consumer, if adverse action against the consumer has been taken by the user based in whole or in part on the report.
		The consumer reporting agency shall promptly provide to the person who provided the information in dispute all relevant information regarding the dispute that is received by the agency from the consumer after the period referred to in subparagraph (A) and before the end of the period referred to in paragraph (1)(A).
	www.creditoptions.com /credit101/faircreditreportingact.htm (7983 words)

	TREC - 1997 Amendments to Fair Credit Reporting Act (Site not responding. Last check: 2007-10-13)
		Under another amendment, businesses that procure consumer reports from consumer reporting agencies for the purpose of reselling the information are now required to certify to the consumer reporting agency the identity and permissible purpose of each person or entity to whom the reports are resold.
		Consumer reporting agencies are further required to inform the consumer of all persons or businesses who have obtained reports regarding this consumer within the past year (or the past two years, if obtained for employment purposes).
		Before this amendment, the FCRA required that this investigation be completed within a "reasonable period of time." When a consumer reporting agency deletes information from a report because it was inaccurate or could not be verified, it must now take measures to ensure that this information does not reappear again later.
	www.trec.state.tx.us /consumer/fcra.asp (767 words)

	Changes to the Fair Credit Reporting Act: Important Steps Forward at a High Cost
		Reports will also be available from specialty bureaus, such as landlord — tenant or insurance reporting services, with the method of distribution to be established in regulations to be issued within six months, effective six to nine months thereafter.
		Whenever credit is extended on terms “materially less favorable than the most favorable terms available to a substantial proportion of consumers” from that creditor, creditors must provide notice that the terms offered are based on information in a consumer’s credit report and that the consumer can request a free copy of the report.
		The FCRA also requires that users of credit reports have a “permissible purpose” to obtain them, mandates that CRAs maintain the security and integrity of consumer files, and allows consumers to limit certain uses of their reports.
	www.consumersunion.org /pub/core_financial_services/000745.html (3054 words)

	Fair Credit Reporting Act (Site not responding. Last check: 2007-10-13)
		The Fair Credit Reporting Act (FCRA) was written to help insure fairness, accuracy and privacy of information in the records kept by every credit bureau and consumer-reporting agency.
		To obtain a copy of your credit report from the credit bureau free of charge if you've recently been declined credit.
		To have derogatory information removed from your credit report after seven (7) years, with a ten (10) year exception of a Bankruptcy.
	www.beyondcredit.com /html/FCRA.htm (286 words)

	FCIC: Fair Credit Reporting
		The Fair Credit Reporting Act (FCRA), enforced by the Federal Trade Commission, is designed to promote accuracy and ensure the privacy of the information used in consumer reports.
		In addition, you're entitled to one free report a year (1) you're unemployed and plan to look for a job within 60 days, (2) you're on welfare, or (3) your report is inaccurate because of fraud.
		Although the FTC can't act as your lawyer in private disputes, information about your experiences and concerns is vital to the enforcement of the Fair Credit Reporting Act.
	www.pueblo.gsa.gov /cic_text/money/fair-credit/fair-crd.htm (1458 words)

	Fair Credit Reporting Act Summary
		You also are entitled to one free report every twelve months upon request if you certify that (1) you are unemployed and plan to seek employment within 60 days, (2) you are on welfare, or (3) your report is inaccurate due to fraud.
		Privacy advocates advise consumers to protect themselves from identity theft and related crimes, by checking their credit reports twice a year, shredding personal documents before throwing them away and cleansing wallets of old receipts and printed social security numbers.
		Creditreporting.com is a credit reporting member in good standing of the Consumer Data Industry Association, the leading industry association in the United States for credit reporting companies and credit reporting bureaus.
	affiliates.creditreporting.com /fair-credit-reporting-act.html (1018 words)

	[No title]
		Reports limited to the consumer's name and address, with no connotations to credit worthiness or other characteristics, do not constitute a "consumer report." FTC Official Staff Commentary at 603(d) item 4F.
		A consumer reporting agency is subject to various legal obligations to maintain and safeguard consumer information, including limitations on the purposes for which information can be sold or distributed.
		While the FCRA does not impose specific requirements for the placement or content of the notice, the following examples illustrate how some banks have used these notices to make their information handling practices more readily understandable to their customers.
	www.occ.treas.gov /ftp/advisory/99-3.txt (1822 words)

	The Fair Credit Reporting Act
		No consumer reporting agency may furnish a consumer report to any person if it has reasonable grounds for believing that the consumer report will not be used for a purpose listed in section 604.
		Any officer or employee of a consumer reporting agency who knowingly and willfully provides information concerning an individual from the agency's files to a person not authorized to receive that information shall be fined not more than $ 5,000 or imprisoned not more than one year, or both.
		For the purpose of the exercise by any agency referred to in subsection (b) of its powers under any Act referred to in that subsection, a violation of any requirement imposed under this title shall be deemed to be a violation of a requirement imposed under that Act.
	www.epic.org /privacy/financial/fcra.html (2477 words)

	Fair Credit Reporting Act (Site not responding. Last check: 2007-10-13)
		If you are turned down for credit because of information in your credit file, there is a federal law that protects your right to find out what information in it was used for the report and why you are being denied credit.
		To have unfavorable information not reported after seven years, except a bankruptcy which may be reported for ten years.
		You cannot be charged for any of these services if you write your local credit bureau within 30 days of official notice of the issuance of an unfavorable credit report about you.
	www.dreamloan.com /fair.html (266 words)

	Important Information About The Fair Credit Reporting Act
		Therefore, employers are wise to familiarize themselves with their obligations under the FCRA, including those imposed by recent amendments to the Act that became effective September 30, 1997.
		Employers should be aware that the FCRA prohibits a consumer agency from furnishing a consumer report containing medical information, unless the consumer has consented to the furnishing of the report.
		Under that Act, an employer must not only provide written notice that a consumer report will be used, but must also inform the applicant or employee of the source of the report, and allow them to check off a box requesting that they receive a copy of the report.
	library.findlaw.com /1997/Dec/1/130537.html (1957 words)

	THE FAIR CREDIT REPORTING ACT (Site not responding. Last check: 2007-10-13)
		(i) the person who procures the consumer report on the consumer for employment purposes shall provide to the consumer, by oral, written, or electronic means, notice that a consumer report may be obtained for employment purposes, and a summary of the consumer's rights under section 615(a)(3); and
		(ii) as of the time at which the person procures the report or causes the report to be procured the only interaction between the consumer and the person in connection with that employment application has been by mail, telephone, computer, or other similar means.
		A consumer reporting agency shall not furnish for employment purposes, or in connection with a credit or insurance transaction, a consumer report that contains medical information about a consumer, unless the consumer consents to the furnishing of the report.
	acecreditscore.com /fca.htm (8987 words)

	Fair Credit Reporting Act
		This version of the FCRA is complete as of January 7, 2002.
		(m) Credit or insurance transaction that is not initiated by the consumer.
		A consumer reporting agency shall provide to a consumer a description referred to in paragraph (6)(B)(iii) by not later than 15 days after receiving a request from the consumer for that description.
	www.ftc.gov /os/statutes/fcra.htm (9207 words)

	Fair Credit Reporting Act
		announced today that it supports amending the Fair Credit Reporting Act (FCRA) to require greater transparency and disclosure in the consumer credit scoring and reporting system.
		Mortgage lenders and insurance companies are increasingly using credit-scoring models to determine whether to lend or offer homeowners’ insurance to prospective homebuyers.
		Credit scores have become crucial not only to a consumer’s ability to secure a decent mortgage, but also to a consumer’s ability to obtain homeowners’ insurance, without which he or she cannot obtain mortgage financing.
	www.realtor.org /publicaffairsweb.nsf/Pages/NARFairCreditRpt (321 words)

	Fair Credit Reporting Act
		Compliance with the requirements imposed under this title with respect to consumer reporting agencies, persons who use consumer reports from such agencies, persons who furnish information to such agencies, and users of information that are subject to subsection (d) of section 615 [§ 1681m] shall be enforced under
		(6) the Packers and Stockyards Act, 1921 [7 U.S.C. §§ 181 et seq.] (except as provided in section 406 of that Act [7 U.S.C. §§ 226 and 227]), by the Secretary of Agriculture with respect to any activities subject to that Act.
		The terms used in paragraph (1) that are not defined in this title or otherwise defined in section 3(s) of the Federal Deposit Insurance Act (12 U.S.C. §1813(s)) shall have the meaning given to them in section 1(b) of the International Banking Act of 1978 (12 U.S.C. (c) State action for violations.
	www.jeffestep.com /sueequifax/fcra.htm (9702 words)

	US CODE: Title 15,1681. Congressional findings and statement of purpose
		(1) The banking system is dependent upon fair and accurate credit reporting.
		(2) An elaborate mechanism has been developed for investigating and evaluating the credit worthiness,
		credit standing, credit capacity, character, and general reputation of consumers.
	www.law.cornell.edu /uscode/15/1681.html (145 words)

	Fair Credit Reporting Act Links
		Utah Consumer Reporting Agency Agrees To Pay $120,000 To Settle FTC Charges of Failure to Use Reasonable Procedures to Insure Credit Report Accuracy (January 17, 2006)
		FTC Reports to Congress on Studies Required by FACT Act (December 9, 2004)
		FTC Publishes "Free Credit Report" Rule (June 4, 2004)
	www.ftc.gov /os/statutes/fcrajump.htm (455 words)

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