Question

The FDIC found out that a company misreported information to a credit scoring company about Wanda. Wanda contacted the company and asked them to fix the problem. The company refused to talk about it and referred her back to the credit company. The FDIC declares the company has violated the

Answer 1

Fair Credit Reporting Act

Answer 2

The FDIC declares the company has violated the "Fair Credit Reporting Act".

The Fair Credit Reporting Act (FCRA) is the demonstration that directs the accumulation of credit data and the entrance to credit reports. It was passed in 1970 to guarantee reasonableness, precision and protection of the individual data contained in the documents of the credit revealing organizations.

The Fair Credit Reporting Act is the essential enactment that administers all exercises relating to the announcing of credit data for customers. Two key territories of center for the Act incorporate the insurance of credit detailing data and the benchmarks for how credit data is recorded.