What does the FCRA regulate concerning consumer reporting agencies?

The Fair Credit Reporting Act (FCRA) primarily regulates the practices of consumer reporting agencies concerning the collection, dissemination, and use of consumer information. This includes establishing guidelines for how personal information should be gathered, stored, and shared, ensuring the accuracy of the data, protecting consumer privacy, and providing consumers the right to dispute and correct inaccurate information. The act aims to protect consumers from unfair practices and to promote transparency in the way their information is handled.

While the FCRA does touch on some aspects of fees, credit scoring, and lending processes, these are not its main focus. It does not directly regulate how agencies charge for credit reports, the specific algorithms involved in credit score calculations, or the processes lenders use to approve loans. The emphasis remains on ensuring that information handling practices are fair and compliant with consumer rights.