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What Is Credit?

What Is the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA) is a set of federal laws that regulates how a consumer's credit information is collected, shared, and used. The FCRA promotes accuracy, fairness, and privacy by outlining the responsibilities of:

  • Consumer Reporting Agencies (CRAs): credit bureaus, like Experian, TransUnion, and Equifax that report your credit information to creditors, employers, landlords, insurance companies, etc.
  • Furnishers of credit information: usually your creditors, but also collection agencies, employers, and courts, all of which can provide your credit information to the consumer reporting agencies.
  • Users of credit information: businesses and individuals that extend credit, insurance, employment, apartments for rent, etc.
> Your Rights: How the FCRA Helps You