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Fair Credit Reporting Act (FCRA)

The Fair Credit Reporting Act (FCRA)  was established in 1970 as federal law in the United States.  This law is designed to regulate the collection, distribution, accuracy, and use of consumer information contained in credit reports. The FCRA along with the Fair Debt Collection Protection Act (FDCPA) make up the base of consumer credit rights within the U.S.

Under the FCRA the credit reporting agencies must:

  • Provide information contained in their credit report, and verify accuracy of any information disputed by the consumer.
  • Since 2003, they must allow consumers a free copy of their credit report every 12 months, if requested.
  • Once negative information is removed by way of dispute, if it is reinstated they must notify consumer within 5 days.
  • They may not retain negative information on your credit report for excessive periods of time, usually 7 years.

Under the FCRA any entity which provides information to the credit agencies must:

  • Provide complete and accurate information
  • Investigate and settle any disputes within 90 days
  • Notify consumers of negative information which is placed on their credit report within 30 days

 



Previous Credit Card Term: Fair Credit Billing Act (FCBA)

Next Credit Card Term: Fair Debt Collection Practices Act (FDCPA)


* See the online credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the "Apply Here" button, you can review the credit card terms and conditions on issuers website.