January 30th, 2018 9:27 AM by Jackie A. Graves, President
Fair Credit Reporting Act (FCRA) is a federal law enacted in 1970 (and updated
in the late-1990s and early-2000s) to protect consumers from their credit
information being used improperly.
the time it became law, FCRA was enforced by the Federal Trade Commission
(FTC), but enforcement has since been transferred to the Consumer Financial
Protection Bureau (CFPB), an agency created in July 2011 in response to the
2007-2008 financial crisis. It consolidates all the government’s
consumer-facing financial protection agencies under one umbrella.
most consumer-relevant component of this broad law is the FCRA Summary of
Rights, which outlines credit protections that FCRA provides to consumers.
FCRA Summary of Rights protects consumers from adverse actions as a result of
your credit history that can be associated with credit reporting agencies,
lenders, insurers or other institutions. The FCRA Summary of Rights
offers the following protections related to mortgage lending:
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