[1] Together with the Fair Debt Collection Practices Act (FDCPA), the FCRA forms the foundation of consumer rights law in the United States.

It was originally passed in 1970,[2] and is enforced by the U.S. Federal Trade Commission, the Consumer Financial Protection Bureau, and private litigants.

It also can contain public records such as liens, judgments, and bankruptcies that provide insight into your financial status and obligations.

"[5] A 2015 study released by the Federal Trade Commission found that 23% of consumers identified inaccurate information in their credit reports.

[citation needed] Users of the information for credit, insurance, or employment purposes (including background checks) have the following responsibilities under the FCRA: Employers using consumer reports to screen job applicants or employees must follow specific procedures: A creditor, as defined by the FCRA, is a company that furnishes information to consumer reporting agencies.

Other examples of information furnishers are collection agencies (third-party collectors), state or municipal courts reporting a judgment of some kind, past and present employers and bonders.

CRAs have a number of responsibilities under FCRA, including the following: The three big CRAs—Experian, TransUnion, and Equifax—do not interact with information furnishers directly as a result of consumer disputes.

[8] A partial list of companies classified as nationwide specialty consumer reporting agencies under FCRA includes: Telecheck, ChoicePoint, Acxiom, Integrated Screening Partners, Innovis, the Insurance Services Office, Tenant Data Services, LexisNexis, Retail Equation, Central Credit, Teletrack, the MIB Group, United Health Group (Ingenix Division), and Milliman.

[16] Although the major CRAs Experian, Equifax, and TransUnion are required by law to provide a central source website for consumers to request their reports, the nationwide specialty consumer reporting agencies are not required to provide a centralized online source for disclosure.