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Note: For affordable legal assistance The Center For Debt Management highly recommends Standard Legal's Do-It-Yourself Software Kits. For credit repair services, Lexington Law Firm
is the most trusted law firm in America, with over 15 years of experience.
Fair Credit Reporting Act
ß 602. Congressional findings and statement of purpose [15 U.S.C. ß
1681]
(a) Accuracy and fairness of credit reporting. The Congress makes the following
findings:
(1) The banking system is dependent upon fair and accurate credit reporting.
Inaccurate credit reports directly impair the efficiency of the banking system,
and unfair credit reporting methods undermine the public confidence which is essential
to the continued functioning of the banking system.
(2) An elaborate mechanism has been developed for investigating and evaluating
the credit worthiness, credit standing, credit capacity, character, and general
reputation of consumers.
(3) Consumer reporting agencies have assumed a vital role in assembling and evaluating
consumer credit and other information on consumers.
(4) There is a need to insure that consumer reporting agencies exercise their
grave responsibilities with fairness, impartiality, and a respect for the consumer's
right to privacy.
(b) Reasonable procedures. It is the purpose of this title to require that consumer
reporting agencies adopt reasonable procedures for meeting the needs of commerce
for consumer credit, personnel, insurance, and other information in a manner which
is fair and equitable to the consumer, with regard to the confidentiality, accuracy,
relevancy, and proper utilization of such information in accordance with the requirements
of this title.
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Note: For affordable legal assistance The Center For Debt Management highly recommends Standard Legal's Do-It-Yourself Software Kits. For credit repair services, Lexington Law Firm
is the most trusted law firm in America, with over 15 years of experience.
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Fair Credit Reporting Act - FCRA - Congressional findings and statement of purpose
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