Fair Credit Reporting Act (FCRA)

Fair Credit Reporting Act
CITATION	15 U.S.C. § 1681 et seq.
ENACTED	1970
SUMMARY	The FCRA was enacted in 1970 and sets forth legal standards governing the collection, use, and communication of credit and other information about consumers. The Gramm-Leach-Bliley Act (GLBA) sets standards for financial institutions’ disclosure of nonpublic personal information to nonaffiliated third parties.
DATA COVERED	Information bearing on a consumer’s credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living, that is used or expected to be used in whole or in part for these purposes.
INDUSTRY	Financial institutions and any business or individual who uses a consumer report for a business purpose.
PENALTIES	The Federal Trade Commission enforces the FCRA. The only exception is for banks and similar financial institutions regulated by federal agencies. Also the Departments of Transportation and Agriculture have enforcement responsibilities for entities under their jurisdiction.