Privacy Map

United States. Financial data. Act

FCRAFair Credit Reporting Act (15 U.S.C. § 1681 et seq.)

In force
Partly verifiedMedium confidence. Not re-verified against a primary source in this session (search budget exhausted); details from established knowledge.

§1Summary

Synopsis

Regulates consumer reporting agencies, users of consumer reports and furnishers of information. It limits report use to permissible purposes, requires accuracy procedures, adverse action notices and dispute rights.

Key themes
  • consumer reports
  • permissible purpose
  • accuracy
  • adverse action
  • disputes
  • background checks
Unique features

Strong private right of action with statutory damages; can sweep in data brokers and HR-tech that assemble data used for eligibility decisions.

SaaS relevance

HR, tenant-screening and risk-scoring SaaS may become consumer reporting agencies if they supply data used for credit, employment, insurance or housing eligibility.

§2Obligations

Extraterritorial
Limited
Breach notification
None
DPO
No
Cross-border transfers
None
Maximum penalty
Wilful violations: actual or statutory damages $100–$1,000 per consumer plus punitive damages; regulator civil penalties

§3Dates

Key dates
  • Adopted
  • In force
  • Major amendments 1996 and FACTA 2003; CFPB withdrew its proposed data-broker FCRA rule in 2025.

§4Text and authority

Text
Authority
CFPB and FTC; state Attorneys General

§5Where it applies

Domestic law of
United States
Also applies in

§6Sources and verification

Sources consulted
Verification

Medium confidence.

Partly verifiedMedium confidence. Not re-verified against a primary source in this session (search budget exhausted); details from established knowledge.