Answer:The legal term for a credit bureau under the federal fair credit reporting act (FCRA) is a "consumer reporting agency" (CRA). According to the FCRA, a CRA is defined as any person or entity that regularly engages in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer reports to third parties.
Consumer reports are defined as any communication of information by a CRA that bears on a consumer's creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living that is used or expected to be used for the purpose of establishing eligibility for credit, insurance, employment, or other similar purposes.
Under the FCRA, CRAs are required to follow certain guidelines and procedures when collecting and reporting consumer information. These guidelines include ensuring the accuracy and completeness of the information they report, providing consumers with access to their own credit reports and allowing them to dispute any inaccuracies they find.
In addition to CRAs, the FCRA also covers entities known as "furnishers," which are entities that provide information about consumers to CRAs. Furnishers can include creditors, lenders, and other businesses that extend credit to consumers.
Overall, the FCRA is designed to protect consumers from inaccurate or unfair reporting of their credit information by CRAs and furnishers.
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