The Fair Credit Reporting Act

The Fair Credit Reporting Act (FCRA) was enacted in 1970 to protect the privacy and assure the accuracy of consumers’ credit information. The FCRA imposes requirements on the collection and dissemination of certain information regarding individuals. Information about entities, such as corporations and partnerships, is not regulated by the FCRA. The FCRA requirements apply to consumer reporting agencies and those who furnish information to them, as well as users of consumer reports, such as insurance agents and brokers.

IIABA’s Office of the General Counsel provides a memorandum that discusses the Fair Credit Reporting Act (FCRA) as well as two other federal statutes, the FACT Act and the Drivers Privacy Protection Act (DPPA), and their impact upon the ability of insurance agents and brokers to use driving records, consumer reports and credit scores.