Regulatory Terms

    FCRA (Fair Credit Reporting Act): Definition

    The federal law governing consumer credit reporting.

    Definition

    The Fair Credit Reporting Act (FCRA) is the primary federal law regulating the collection, dissemination, and use of consumer credit information. It establishes requirements for data furnishers, credit bureaus, and users of credit reports. Key provisions include accuracy requirements, dispute procedures, and consumer access rights.

    Usage Notes

    • Requires reasonable procedures for accuracy
    • Mandates investigation of disputes within 30 days
    • Provides consumers right to free annual credit report

    External Resources

    Related Terms

    FCBA (Fair Credit Billing Act)ECOA (Equal Credit Opportunity Act)Regulation VData Furnisher

    More Regulatory Terms

    FCBA (Fair Credit Billing Act)
    A law protecting consumers from unfair credit billing practices.
    ECOA (Equal Credit Opportunity Act)
    A law prohibiting discrimination in credit decisions.
    Regulation V
    The CFPB regulation implementing FCRA requirements.

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