What Is the Fair Credit Opportunity Act?
The Fair Credit Reporting Act (FCRA) was originally enacted in 1970 in the United States. The Federal Trade Commission (FTC) is the agency responsible for enforcing the act.
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History
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In response to privacy concerns and misinformation in the growing credit industry, U.S. Rep. Leonor K. Sullivan and U.S. Sen. William Proxmire began pushing for the act in the late 1960s.
Directives
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The act sought to regulate the way private businesses use an individual's personal information and to promote accurate and fair credit reporting.
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Credit Reporting Agencies
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Credit reporting agencies collect consumers' personal credit information. Under the act, agencies may only provide a consumer's credit information under strict provisions.
Enforcement
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Upon passage of the act, the FTC cited the credit reporting agencies for numerous violations. Since then, the agencies have paid millions of dollars in settlement.
Expansion
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In order to make further improvements to credit reporting and privacy, Congress amended the FCRA and enacted the Fair and Accurate Credit Transactions Act of 2003.
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