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As a home owner or buyer, it’s important for you to understand what the Fair Credit Reporting Act is and how it protects you as a consumer. In doing so, you will know your rights and how to respond to unfair or inaccurate consumer reporting.
The Fair Credit Reporting Act (FCRA) was passed in 1970 and was the first law to require accurate and fair consumer reporting in the U.S. The FCRA protects individuals and their credit by requiring consumer reporting agencies to follow certain guidelines. It also regulates the way companies like Equifax, TransUnion and Experian use information related to your credit.
The FCRA also limits who has access to your personal information. Each state is in charge of enforcing the FCRA and many have their own consumer reporting laws. In some cases, the consumer may have more rights under state law.
The Fair Credit Reporting Act provides consumers with the right to: