Compliance Definition: Fair Credit Reporting Act

FCRA - (Fair Credit Reporting Act) – Governs the permissible uses of credit reports and requires disclosures to consumers when a credit report is used in making a credit decision. Also requires giving consumers opt-out rights with respect to sharing of consumer report information with affiliates or sharing any information with affiliates for marketing purposes. Contains requirements for credit bureaus and reporting creditors to make consumer reports more accurate and to correct inaccurate reporting.