The Fair Credit Reporting Act (FCRA) is a federal statute that gives consumers a powerful tool against virtually every business involved in the credit industry. The most well know businesses are the national Consumer Reporting Agencies (CRAs) Equifax, Experian and Trans Union. Other CRAs include those that provide consumer reports (commonly known as credit reports) for credit or mortgage applications, and employment, tenant and check and bank screening.
The FCRA also covers companies that “furnish” information to CRAs, including debt collectors, credit card companies, banks and utility companies.
The FCRA provides consumers with many rights and protections, including: