Fair Credit Reporting (Regulation V)
Plain English Summary
Protects consumers' credit report accuracy and gives them the right to dispute errors and freeze their credit files.
Full Text
Consumer reporting agencies must follow reasonable procedures to assure maximum possible accuracy of consumer reports. Consumers have the right to obtain a free annual credit report from each nationwide consumer reporting agency, to dispute inaccurate information, and to place security freezes on their files.
Furnishers of information to consumer reporting agencies must report accurate information and investigate consumer disputes. Users of consumer reports must provide adverse action notices when credit, employment, insurance, or other benefits are denied based on a consumer report. Identity theft victims have additional protections including the right to block fraudulent information.