
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 15USC1681]

 
                      TITLE 15--COMMERCE AND TRADE
 
                 CHAPTER 41--CONSUMER CREDIT PROTECTION
 
                SUBCHAPTER III--CREDIT REPORTING AGENCIES
 
Sec. 1681. Congressional findings and statement of purpose


(a) Accuracy and fairness of credit reporting

    The Congress makes the following findings:
    (1) The banking system is dependent upon fair and accurate credit 
reporting. Inaccurate credit reports directly impair the efficiency of 
the banking system, and unfair credit reporting methods undermine the 
public confidence which is essential to the continued functioning of the 
banking system.
    (2) An elaborate mechanism has been developed for investigating and 
evaluating the credit worthiness,\1\ credit standing, credit capacity, 
character, and general reputation of consumers.
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    \1\ So in original. Probably should be ``creditworthiness,''.
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    (3) Consumer reporting agencies have assumed a vital role in 
assembling and evaluating consumer credit and other information on 
consumers.
    (4) There is a need to insure that consumer reporting agencies 
exercise their grave responsibilities with fairness, impartiality, and a 
respect for the consumer's right to privacy.

(b) Reasonable procedures

    It is the purpose of this subchapter to require that consumer 
reporting agencies adopt reasonable procedures for meeting the needs of 
commerce for consumer credit, personnel, insurance, and other 
information in a manner which is fair and equitable to the consumer, 
with regard to the confidentiality, accuracy, relevancy, and proper 
utilization of such information in accordance with the requirements of 
this subchapter.

(Pub. L. 90-321, title VI, Sec. 602, as added Pub. L. 91-508, title VI, 
Sec. 601, Oct. 26, 1970, 84 Stat. 1128.)


                             Effective Date

    Section 504(d) of Pub. L. 90-321, as added by Pub. L. 91-508, title 
VI, Sec. 602, Oct. 26, 1970, 84 Stat. 1136, provided that: ``Title VI 
[enacting this subchapter] takes effect upon the expiration of one 
hundred and eighty days following the date of its enactment [Oct. 26, 
1970].''


                               Short Title

    This subchapter known as the ``Fair Credit Reporting Act'', see 
Short Title note set out under section 1601 of this title.
