[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.fight13.com\/what-is-the-fair-credit-reporting-act#BlogPosting","mainEntityOfPage":"https:\/\/www.fight13.com\/what-is-the-fair-credit-reporting-act","headline":"What Is The Fair Credit Reporting Act?","name":"What Is The Fair Credit Reporting Act?","description":"Credit reporting agencies (CRA) collect, process, and archive credit information for 200 million people in the United States. Equifax, Experian, and Transunion, the three primary consumer credit reporting companies, sell this information mainly to facilitate the decisions of businesses that extend credit. However, many consumer rights advocates have doubts about...","datePublished":"2017-07-11","dateModified":"2025-09-19","author":{"@type":"Person","@id":"https:\/\/www.fight13.com\/attorneys\/matis-h-abarbanel#Person","name":"Matis Abarbanel","url":"https:\/\/www.fight13.com\/attorneys\/matis-h-abarbanel","identifier":55,"image":{"@type":"ImageObject","@id":"https:\/\/www.fight13.com\/wp-content\/uploads\/2025\/09\/matis-abarbanel_avatar-96x96.png","url":"https:\/\/www.fight13.com\/wp-content\/uploads\/2025\/09\/matis-abarbanel_avatar-96x96.png","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Loan Lawyers, LLC","logo":{"@type":"ImageObject","@id":"https:\/\/www.fight13.com\/wp-content\/uploads\/2020\/03\/icon-logo.png","url":"https:\/\/www.fight13.com\/wp-content\/uploads\/2020\/03\/icon-logo.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/www.fight13.com\/wp-content\/uploads\/2020\/03\/creditreport.jpg","url":"https:\/\/www.fight13.com\/wp-content\/uploads\/2020\/03\/creditreport.jpg","height":515,"width":800},"url":"https:\/\/www.fight13.com\/what-is-the-fair-credit-reporting-act","about":["Fair Credit Reporting Act"],"wordCount":403,"keywords":["FCRA"],"articleBody":"Credit reporting agencies (CRA) collect, process, and archive credit information for 200 million people in the United States. Equifax, Experian, and Transunion, the three primary consumer credit reporting companies, sell this information mainly to facilitate the decisions of businesses that extend credit.However, many consumer rights advocates have doubts about the accuracy of the information collected by credit reporting agencies. It is believed that 20-80% of credit reports contain errors, thus affecting an individual\u2019s ability to obtain new credit and possibly retain employment. This is exacerbated by the fact that many consumer advocates also believe that consumers\u2019 ability to dispute this information and have it expeditiously removed from their credit report is often ineffective.How are credit reporting agencies regulated by federal and state governments? At the federal level, the Fair Credit Reporting Act (FCRA), enacted in 1970, regulates the collection, dissemination, and use of consumer credit information. Any information collected and distributed by a consumer credit agency must fairly and accurately summarize a consumer\u2019s credit history pursuant to FCRA requirements.The FCRA provides specific guidelines regarding the methods credit reporting agencies use to collect and verify information while providing the situations when a consumer\u2019s personal information may be released to creditors. Basically, it protects consumers from the use of incorrect information when denied credit.The FCRA also applies to banks, credit unions and agencies that sell medical records and check writing or rental history records, as well as any business that uses information on credit reports for hiring purposes.For a no-risk, no-cost consultation, contact us today by calling 954-523-HELP (4357).About the AuthorLatest PostsMatis AbarbanelMatis Abarbanel is the founding partner and senior attorney at Loan Lawyers in South Florida. He focuses his practice on consumer rights, helping homeowners navigate issues such as foreclosure and financial hardship. Matis also brings a wealth of experience from his previous work in personal injury law. As a devout Chasidic Jew, he is committed to making a positive impact in his community and dedicates his efforts to charitable initiatives through his non-profit organization, The Center, which aids at-risk Jewish youth. Matis actively serves clients across South Florida and is passionate about empowering individuals to secure their rights and achieve a better future.When Foreclosure Errors by Lenders Lead to Legal Remedies for Homeowners in Fort LauderdaleWhat Homeowners Can Do When Loan Documents Contain Forged or Altered SignaturesUnderstanding Florida\u2019s Debt Forgiveness Programs and IRS Rules"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"What Is The Fair Credit Reporting Act?","item":"https:\/\/www.fight13.com\/what-is-the-fair-credit-reporting-act#breadcrumbitem"}]}]