§ 1681. — Congressional findings and statement of purpose.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 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.
