From the course: CIPP/US Cert Prep: 2 Private Sector Privacy
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Fair Credit Reporting Act (FCRA)
From the course: CIPP/US Cert Prep: 2 Private Sector Privacy
Fair Credit Reporting Act (FCRA)
- [Narrator] Credit reports play an extremely important role in modern society. The information contained in these reports can affect a person's ability to purchase a home, obtain a credit card, or even get a new job. The Fair Credit Reporting Act of 1970 creates federal requirements for credit reporting. It does this in four specific areas. The Act limits the permissible uses of credit reports. It requires that reports contain accurate and fair information. It provides consumers with rights to access and dispute information contained in credit reports. And it requires that consumers be notified when adverse decisions are made based upon credit reports. The Act regulates the use of consumer credit reports, which it defines as any written, oral, or other communication of information by a consumer reporting agency that bears on a consumer's creditworthiness, credit standing, credit capacity, character, general reputation,…
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