Consumer Credit Report Reform Act

(CCRRA)

When?

Passed by Congress in 1996.

What?

The Fair Credit Reporting Act was weak.

Why?

This was happening because there was greater access for consumers to their credit files and that limited access for employers.

Incident That Triggered Passage

The seven-year period for negative information

The CCRRA strengthens the Fair Credit Reporting Act (FCRA) which provides certain protections for consumers against unfair reporting and credit pulling.

Raised the limits on what information.

Who Does it Help and Affect?

Helps banking and other organizations by allowing them to share information among partners and to be more flexible in offering credit and insurance to the public.

Affects everyone.