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CREDIT REPORTING
If you've ever applied for a charge account, a personal loan, insurance, or a job, there's a file about you. This file contains information on where you work and live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy. Companies that gather and sell this information are called Consumer Reporting Agencies (CRAs). The most common type of CRA is the credit bureau. The information CRAs sell about you to creditors, employers, insurers, and other businesses is called a consumer report. The Fair Credit Reporting Act (FCRA), enforced by
the Federal Trade Commission, is designed to promote accuracy
and ensure the privacy of the information used in consumer reports.
Recent amendments to the Act expand your rights and place additional
requirements on CRAs. Businesses that supply information about
you to CRAs and those that use consumer reports also have new
responsibilities under the law.
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