Originators who mislead borrowers about the contents of their credit histories and/or their credit scores in an effort to steer them into disadvantageous loans are in violation of Fair Credit Reporting Act (FCRA).
What is Fair Credit Reporting Act (FCRA)?
- A federal legislation known as the Fair Credit Reporting Act (FCRA) governs the gathering of credit information about individuals and their access to their credit reports.
- In order to address the fairness, accuracy, and privacy of the PII kept in the files of the credit reporting companies, it was passed in 1970. The main federal regulation that controls the gathering and reporting of credit information about consumers is the Fair Credit Reporting Act.
- Its regulations encompass how credit information about consumers is acquired, stored, and shared with others—including consumers themselves.
The types of information that the bureaus are permitted to collect are outlined under the Fair Credit Reporting Act (FCRA). This contains the individual's history of bill payment, prior loans, and present debts.
Know more about Fair Credit Reporting Act (FCRA) with the help of the given link:
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