Term of the Day Friday, July 25, 2014

Fair Credit Reporting Act

Definition

Federal law giving individuals the right to examine their own credit history. The provisions of this law enable consumers to approach credit reporting agencies to see what the agencies may be saying about them, find out if their credit information has been used any third parties, and approach an agency to dispute wrongful use or interpretation of their information. The law also places restrictions on the consumer reporting agencies, such as requiring the agencies to provide each consumer one free report per year upon request, as well as restricting the amount of time certain information can remain on one's credit report.

Use this term in a sentence

The creation of the Fair Credit Reporting Act has made checking your credit report and history a much easier process.

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Fair Credit Billing Act Fair and Accurate Credit Transactions Act of 2003