What act establishes guidelines for consumer reporting companies to protect consumer information?

The Fair Credit Reporting Act (FCRA) sets forth the regulations and guidelines that protect consumer information collected by consumer reporting companies. This law is designed to promote fairness, accuracy, and privacy of information in the files of consumer reporting agencies. Under the FCRA, both consumers and businesses benefit from regulations that ensure the proper handling of sensitive personal information.

The act provides consumers the right to access their credit reports, dispute inaccuracies, and understand how their information is used. By establishing clear rules around the collection and dissemination of consumer data, the FCRA aims to safeguard individual privacy and promote transparency in the credit reporting process. This makes it a vital piece of legislation for protecting consumer rights and privacy in the context of credit and reporting information.