FTC Resources for Reporters
Credit Reporting
The Fair Credit Reporting Act promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies (CRAs). To ensure compliance, the agency pursues an aggressive enforcement program aimed at the main players in the credit reporting system – CRAs, those who send them information, and consumer report users. In recent years, the FTC has sued the three nationwide CRAs – Equifax, Experian, and TransUnion – obtaining nearly $3 million in civil penalties. The FTC also sued a major consumer data broker, ChoicePoint, Inc., and made them pay $15 million in penalties and consumer refunds for not screening prospective subscribers before selling them sensitive consumer information. The FTC also charged companies with furnishing inaccurate information to CRAs.
News Releases
- FTC Tells House Panel that Enforcing the Fair Credit Reporting Act Remains a Priority of the Agency – 9/13/2012
- Employment Background Screening Company to Pay $2.6 Million Penalty for Multiple Violations of the Fair Credit Reporting Act – 8/08/2012
- Spokeo to Pay $800,000 to Settle FTC Charges Company Allegedly Marketed Information to Employers and Recruiters in Violation of FCRA – 6/12/2012
- FTC Joins Department of Justice and Consumer Financial Protection Bureau in Filing Brief Supporting the Constitutionality of the Fair Credit Reporting Act – 5/08/2012
- FTC Issues Annual Financial Acts Enforcement Report to Federal Reserve – 2/10/2012
- FTC Testifies on Consumer Protection and the Rent-to-Own Industry – 7/26/2011
- FTC Issues Report: Forty Years of Experience with the Fair Credit Reporting Act – 7/20/2011
- FTC, Federal Reserve Board Issue Final Changes to Risk-Based Pricing Rule – 7/6/2011
- Consumer Reporting Agency to Pay $1.8 Million for Fair Credit Reporting Act Violations – 6/27/2011
- Credit Report Resellers Settle FTC Charges; Security Failures Allowed Hackers to Access Consumers' Personal Information 2/3/2011
- FTC Testifies on Efforts to Ensure Credit Report Accuracy, Prevent ID Theft, and Improve Credit Score Transparency 3/24/2011
- FTC Staff Submits Comments to Federal Reserve on Making Fair Lending Law Stronger; FTC Announces Increase in Maximum Charge for Extra Copies of Credit Reports 12/17/2010
- FTC Proposes Changes to Update and Improve Credit Reporting Notices 8/16/2010
Business Education
- Credit
- Consumer Reports: What Employers Need to Know
- Using Consumer Reports: What Landlords Need to Know
- Consumer Reports: What Insurers Need to Know
- Credit Reports: What Information Providers Need to Know
Consumer Information
- Credit and Your Consumer Rights
- A Summary of Your Rights Under the FCRA
- Free Credit Reports
- How to Dispute Credit Report Errors
- Employment Background Checks and Credit Reports
- Identity Theft
- Credit & Loans
Congressional Testimony
- Examining the Uses of Consumer Credit Data – September 13, 2012
- On Rent-to-Own Transactions – July 26, 2011
- The FCRA and the Use of Consumer Reports in Employment – October 20, 2010
- Credit Scores, Credit Reports and Their Impact on Consumers – March 24, 2010
FTC annual report to the Federal Reserve Board
