What is the FCRA?

The Fair Credit Reporting Act (FCRA) is the primary federal law covering the rules on the collection and reporting of consumer credit information. It was passed into law in 1970. It is enforced by the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB). 

The FCRA sets rules on how credit bureaus can obtain consumer credit information, how long they can store that information, who they can share that information with, and what sort of information they can collect. The FCRA allows credit bureaus to collect the following kinds of information: 

• Bill payment history 
• Loan history 
• Current debts 
• Employment information 
• Bankruptcy history 
• Child support payment history 
• Arrest history