Fair Credit Reporting Act - Reporting Agencies
What are Reporting Agencies Under the FCRA?
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What are Consumer Reporting Agencies?
A credit reporting agency is any business that collects information about consumers for the purpose of disseminating that information in connection with credit applications, employment, or other evaluations of the individuals credit. The largest personal credit reporting agencies in the United States are Transunion, Experian, and Equifax. The FCRA requires that credit reporting agencies follow the following guidelines:
- Procedures - Put in place procedures to ensure the accuracy of information in a consumer report; Note: If it does so, it may not be liable to consumers under state or federal law if it reports false information.
- Verify Information - Provide a consumer with notice of the information collected and seek to verify any disputed information;
- Dispute Negative Information - Provide a manner for disputing negative information on a credit report.
- Notification of Negative Information - If negative information is removed from the reporting agency's file, give a consumer 5 days notice before reinserting that information;
- Removal of Negative Information - The reporting agency must remove any negative information from the report within seven years of the date of the reported delinquency;
Note: The time period is extended for bankruptcy filings (10 years) and tax liens (7 years from when paid).
Next Article: Fair Credit Reporting Act - Furnishers of Information Back to: CONSUMER PROTECTION
- Consumer Protection Law (Intro)
- What is consumer protection law?
- Cooling Off Rule
- What major federal laws protect consumers?
- What is the Federal Trade Commission
- Enforcement procedures of the FTC?
- Penalties for violating FTC regulations?
- Commercial Practices Prohibited by FTC?
Unfair Trade Practices
- Predatory Pricing
- Bait & Switch
- Lemon Laws
- Consumer Financial Protection Bureau
- What is the Fair Credit Reporting Act?
- Users of Information?
- Credit Reporting Agency Consumers
- Reporting Agencies?
- Consumer Reporting Agency
- Furnishers of Information?
- Truth in Lending Act
- Fair Debt Collection Practices Act
- Fair Credit Billing Act
- Electronic Funds Transfer Act
- Electronic Funds Transfers (EFT)
- Equal Credit Opportunity Act
- Regulation B
- Consumer Credit Protection Act
- Consumer Advisory Council
Consumer Financial Protection Act
- Consumer Product Safety Act
- Consumer Product Labeling Laws
- Credit Repair Organization Act
- Federal Food, Drug, and Cosmetic Act
- Magnuson-Moss Warranty Act
- Privacy Act of 1974 (Privacy Act)
- Personally Identifiable Information
- Right to Financial Privacy Act of 1978 (RFPA)
- Electronic Communication Privacy Act of 1986 (ECPA)
- Childrens Online Privacy Protection Act of 1986 (COPPA)
- CAN SPAM Act
- What role do states play in Consumer Protection?