The Fair Credit Reporting Act (FCRA) is a federal law that governs how a credit reporting agency (CRA) handles your credit information. It is designed to protect the integrity and privacy of your credit information. The FCRA requires creditreporting agencies–and the entities that report your credit information to them and others–to ensure that your information is fair and accurate, and kept private. The FCRA protects your right to access and correct any inaccuracies in yourcredit report and provides you with remedies if a credit reporting agency or information furnisher violates your rights.
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Who/What is a CRA?
A CRA is any entity that collects and furnishes credit information about you. A common type of CRA is a credit bureau, such as Transunion, Equifax or Experian. A CRA also includes a company or person who collects and sells your credit information (often in the form of background checks) to landlords, employers, or anyone else who makes a credit decision about you.
Obligations of a CRA
A CRA is obligated to :
Who/What is an Information Supplier?
An “information supplier” is any entity that submits your credit information to a CRA. Usually, that means your creditor. But it could also mean any other third party that you have even a loose credit relationship with, such as a government entity to whom you owe taxes, costs, or fines.