Fair Credit Reporting Act

By Nick Lamb & Kaley Jennerjohn

What is the Fair Credit Reporting Act?

The Fair Credit Reporting Act is a federal law that regulates how consumer reporting agencies use your information.

When did the Fair Credit Reporting Act take place?

The Fair Credit Reporting Act was enacted in 1970 and was substantially amended in the late 1990s.

What do reporting agencies use the Fair Credit Reporting Act for?

  1. medical records or payments;
  2. residential or tenant history;
  3. check writing history;
  4. employment history; or
  5. insurance claims.

The federal trade commission is the enforcement authority of the act.


Why did it happen?

It was put in place to protect consumers and regulate consumer reporting agencies. Commonly known as the FCRA.

How often can I request a free credit report?

Once every 12 months.

What was happening before the Act was passed?

People weren't getting their accurate credit reports.

Was there a specific incident that triggered passage of the act?

People just got fed up with not having accurate credit reports and then they decided to pass the act.

1. Why did those injustices occur?

Because they weren't accurate.

1. What types of people are affected by this act-who does it help?

Everyone and everybody.