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.

Enforcement

FTC Joins NY and GA in Action Against 3 Collection Agencies

The Primary Group is alleged to have sent consumers multiple text messages, and, in most cases, failing to disclose the company as a debt collector. Per Jessica Rich, Director of the FTC’s Bureau of Consumer Protection: “[Debt collectors] can’t harass or lie to you, whether they send a text, email, or call you.” She also stated that “legitimate debt collectors know the rules.”

US-supreme-court

Supreme Court to Hear Case on Statutory Damages Without Actual Harm; Could Impact FDCPA Cases

The U.S. Supreme Court has agreed to hear an important case that will decide whether a plaintiff who cannot show any actual harm from a violation of the FCRA nevertheless has standing to sue for statutory damages in federal court. The consequences of the decision will likely extend significantly beyond FCRA litigation and affect numerous other statutes, including the FDCPA and TCPA .