Fair Credit Reporting Act (FCRA)
FCRA is a consumer protection law that regulates the disclosure of consumer credit reports by consumer credit reporting agencies and establishes procedures for correcting mistakes on one's credit record. Under the FCRA, anyone trying to obtain or read a consumer’s credit report for reasons other than these listed below may face imprisonment or heavy fines:
The Fair Credit Reporting Act also requires that negative information be erased seven years from the date initiated, including Chapter 13 Bankruptcy, and ten years for Chapter 7.
