Fair Credit Reporting Act

Summary

This practice note provides an overview of the Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq. (FCRA or the Act), Pub. L. No. 91-508, 84 Stat. 1128 (1970), a federal consumer protection statute that regulates the collection and reporting of a consumer's personal information for credit, employment, insurance, and other purposes. This practice note outlines the basic framework of the FCRA and its implementing regulation (Regulation V), changes to FCRA resulting from both the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), and includes practical considerations for counsel and compliance advising on FCRA.