Credit Repair Glossary

• Fair Credit Reporting Act

  The Fair Credit Reporting Act (FCRA) is an American federal law (the legal citation is 15 U.S.C. § 1681 et seq.) that regulates the collection, dissemination, and use of consumer credit information. (Read it here: Full Statute ).  Along with the Fair Debt Collection Practices Act (FDCPA), it forms the base of consumer credit rights in the United States.

  The FCRA is the primary tool that allows consumers to perform legal credit repair on their credit histories.  The FCRA provides rules that allow consumers to dispute any false or erroneous information in their credit reports.  This is a powerful tool, particularly given that 70-80% of credit reports have errors in them.