Fair Credit Reporting Act (FCRA) Feed Link

Fair Credit Reporting Act (FCRA)

Originally passed in 1970, The Fair Credit Reporting Act (FCRA) is a U.S. federal law that regulates the collection, dissemination, and use of consumer credit information. Along with the Fair Debt Collection Practices Act (FDCPA), it forms the base of consumer credit rights in the United States. The FCRA is enforced by the FTC.

Information furnishers – such as creditors, collection agencies, and debt buyers – can supply information to a consumer’s credit report only if they 1) supply complete and accurate information, 2) have procedures in place to investigate disputes from consumers, and 3) inform a consumer if negative information is to be placed on their credit report.

US-capitol

Senate Bill Protecting Consumer Data Ripples Out to Debt Collection

A newly-proposed Senate bill would restrict data brokers from collecting or soliciting consumer information in deceptive ways. The Data Broker Accountability and Transparency Act, introduced by Sens. Jay Rockefeller (D-W.Va.) and Edward Markey (D-Mass.), would also let consumers access and correct their information, and opt out of having it sold for marketing purposes. “Consumers deserve to know […]

Business conference

CFPB: No “Crisis” in Debt Collection, But Problems Need Correcting

The CFPB showed its support for the Consumer Federation of America (CFA) at last week’s CFA’s 2013 Financial Services Conference entitled, “The Consumer in the Financial Services Revolution.” CFPB Director Richard Cordray delivered the keynote address and CFPB staff was strongly represented on a number of the panel discussions, including Tom Pahl who rejected the notion of a “crisis” in debt collection.