Legal Definitions - FCRA

The Fair Credit Reporting Act (FCRA) is a federal law that regulates how credit bureaus collect, access, use, and share information about individuals and businesses. The FCRA includes rules about:

• Disclosing credit reports to individuals upon request
• Limiting who can access credit information
• Providing opportunities to dispute and correct inaccurate data in credit reports

For example, if you apply for a loan or credit card, the lender may request a copy of your credit report from a credit bureau. The FCRA requires the credit bureau to provide the lender with accurate information and to give you a copy of your credit report if you request it.

If you find errors in your credit report, the FCRA gives you the right to dispute the errors with the credit bureau. The credit bureau must investigate your dispute and correct any errors within a certain timeframe.