The Fair Credit Reporting Act (FCRA) became effective in 1971. The purpose of FCRA is to regulate:

Question

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The FCRA was enacted to regulate the consumer credit reporting and related industries to ensure that consumer information is reported in an accurate, timely, and complete manner. This includes ensuring that consumer credit reports are accurate and that consumers are given access to their credit reports and the ability to dispute any errors. The FCRA also regulates how and when consumer information can be shared with third parties, such as employers and lenders.

The Fair Credit Reporting Act (FCRA) Became Effective in 1971