Passed in 1970, the Fair Credit Reporting Act (FCRA) helps make sure credit reports are fair and accurate and that credit information remains somewhat private. Any company that collects and sells data about an individual to third parties, such as Equifax, TransUnion, and Experian, all must follow FCRA regulations, as well as any businesses that share information with consumer reporting agencies. Protections under the FCRA include credit report access, credit score access, disputing mistakes, and opting out of prescreened offers. When rights are violated, individuals can submit a complaint to either the Federal Trade Commission (FTC) or the Consumer Financial Protection Bureau (CFPB).
