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Fair Credit Reporting Act (Reg V)

The Fair Credit Reporting Act (FCRA) was passed to ensure the accuracy, fairness, and privacy of information in consumer reports, including credit reports. It primarily regulates how consumer reporting agencies collect, use, and share consumer information but also imposes responsibilities on banks as users of consumer reports and furnishers of information to consumer reporting agencies.

The Fair and Accurate Credit Transactions Act, passed in 2003, amended the Fair Credit Reporting Act. Provisions impacting banks include those related to identify theft, credit scores, risk-based pricing, sharing of information with affiliates, obligation of banks to report accurately and resolve consumer disputes, and address change requests.

Some FCRA provisions are implements under Regulation V.

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