What Is The FCRA or Fair Credit Reporting Act?

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  • What Is The FCRA or Fair Credit Reporting Act?

The federal Fair Credit Reporting Act (FCRA) requires an employer to use the employment FCRA compliance checklist when it requests a consumer report about a prospective employee. On the one hand, you want the job. On the other hand, you want to keep personal information, like your social security number, private. The strict FCRA rules balance your prospective employer’s need for information about you with your desire to limit access to your personal information. If the employer fails to follow the rules you can sue it for damages. In recent months, Home Depot was sued for allegedly giving improper disclosures and authorizations and Starbucks was sued for allegedly giving applicants inadequate time to correct inaccurate information in their reports.

A Summary of Your Rights Under the FCRA (Fair Credit Reporting Act)

The Fair Credit Reporting Act or FCRA had written rules to protect you when you must share your information to get something you want such as a loan for house or car, life insurance, or a credit card. The Consumer Financial Reporting Bureau (CFRB), a federal agency, enforces these rules and can fine companies that break the rules. The rules apply to whoever requests the information, to the credit reporting agency that compiles your information and prepares the report, and to those who supply the information to the reporting agency. The FCRA rules place a heavy burden on those who want the report to use accurate information and to keep your information secure..

Find out more about your credit reporting and related rights:

What’s in Your Credit Report? – Learn how a credit report is a snapshot of your personal and financial information, as well as how credit scores are calculated and how long negative credit report information stays in your file.

Getting Your Credit Reports – Each of the major credit bureaus must provide you with a free annual copy of your credit report, but there are other circumstances where you’re entitled to additional free reports. Learn how to get your credit reports.

Checking Your Credit Reports – Learn about the six types of issues you should regularly monitor in your credit report.

Debt Collectors & Credit Reports – The Fair Credit Reporting Act (FCRA) includes a number of requirements for debt collectors. Learn when debt collectors cross the line and how you can negotiate how paid debts appear on your credit report.

Credit Report Notification Requirements – Under the FCRA, you should be notified when there’s a problem with your credit report. Debt collection agencies don’t always play by the rules, though. Learn more about your notification rights.

Disputing an Item on Your Credit Report – Negative information on your credit report can impact many facets of your life. Learn how to dispute items on your credit report, contact credit bureaus, and contact information furnishers.

When You’re Hurt by Credit Report Errors – When a debt collection agency messes with your credit report, it can undermine your financial future. Learn how you can fight back using the FCRA.

Credit Fraud, Identity Theft & Credit Reports – If you’ve been the victim of identity theft or credit fraud, you need to take action. Learn what to do if your identity has been stolen.

Legal Use of Your Credit Report – Learn who can have access to your credit report and when they need your permission to do so.

Misuse of Your Credit Report – Discover how you can sue a business that misuses your credit report, a credit bureau, or a business that provides inaccurate information about you.

Credit Reports and Employment – Employers often pull credit reports on potential employees and employees who are up for a promotion. However, employers must abide by the FCRA.

If you or someone you know is the victim of credit report issues, complete our online form or call 475-277-2200. Lemberg Law’s legal team will evaluate your case at no cost to you, and will help you get the justice you deserve.


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