What Does Fair Credit Reporting Act of 1970 Mean?

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What does Fair Credit Reporting Act of 1970 mean? Read on to discover the definition & meaning of the term Fair Credit Reporting Act of 1970 - to help you better understand the language used in insurance policies.

Fair Credit Reporting Act of 1970

Fair Credit Reporting Act of 1970

A federal act aiming to promote the fairness and accuracy of information contained in consumer reports, such as a credit report. It creates legal standards for the collection, use, and dissemination of consumer credit information. It also contains notice and opt-out provisions for the sharing of credit-related information between affiliates and for pre-screened solicitation of consumers. The FCRA was amended by the Fair and Accurate Credit Transactions Act (FACTA) of 2003 (PL 108 -159, 12/04/03). The FACTA requires the commission and other agencies to implement many of the new provisions of the FCRA by means of rules and regulations.

We hope the you have a better understanding of the meaning of Fair Credit Reporting Act of 1970.

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