The Fair Credit Reporting Act (FCRA), a body of laws enforced by the Federal Trade Commission (FTC), is intended to encourage accuracy and secure the privacy of the information used in consumer reports. Fortunately, things like the Fair Credit Reporting Act (FCRA) are in place to protect the people from being unlawfully slandered or having their information distributed out to people who have no right to see it. Without the FCRA, anything could happen.

When you apply for a credit card, a loan, or a job, make sure you read the fine print. Your credit is being checked and a file on you is growing. For many, that's a scary piece of information--knowing that strangers know more about you and your background than you probably do. This file usually includes information on where you live, where you work, and whether or not you pay your bills on time. If you've been arrested, sued, or filed for bankruptcy, depend on that information being in the file.

The Fair Credit Reporting Act (FCRA) Protects the Employee

In the last several years, the laws changed a bit under the Fair Credit Reporting Act (FCRA). Both the Credit Reporting Agencies and the information supplier are obligated to correct any inaccurate information in your report. I was a victim of identity theft and nearly lost a car loan because some man was using my name in New Mexico. It's recommended that people check their own credit every few months to ensure the accuracy of their report.

If you run a report and the information is incorrect, make sure you contact the credit reporting agency as soon as possible. When you get a report, make sure you get one from one of the major bureaus.