BANKING AFFAIRS

Detailed explanation-1: -The Act (Title VI of the Consumer Credit Protection Act) protects information collected by consumer reporting agencies such as credit bureaus, medical information companies and tenant screening services. Information in a consumer report cannot be provided to anyone who does not have a purpose specified in the Act.

Detailed explanation-2: -The Fair Credit Reporting Act (FCRA), 15 U.S.C. § 1681 et seq., governs access to consumer credit report records and promotes accuracy, fairness, and the privacy of personal information assembled by Credit Reporting Agencies (CRAs).

Detailed explanation-3: -The Fair Credit Reporting Act (FCRA) regulates the consumer credit reporting industry. In general, the FCRA requires that industry to report your consumer credit information in a fair, timely, and accurate manner. Banks and other lenders use this information to make lending decisions.

Detailed explanation-4: -If you use consumer reports (sometimes called “credit reports”) to make credit decisions, you have legal obligations under the Fair Credit Reporting Act, known as the FCRA and the Risk-Based Pricing Rule.