The Fair Credit Reporting Act (FCRA) is a federal law that helps ensures the collection, dissemination and use of the data contained in a credit report is accurate and confidential. It details how long negative information stays on a credit report and that any information reported must be complete and accurate. It states disputed information falls on the responsibility of the furnisher (creditor). Creditors must also inform the consumer’s about the negative information about to be placed on their credit report within 30 days. If a consumer makes a claim, creditors have 30 days to respond. For full text of the act, click here.
