Command Credit is committed to assisting our clients maintain regulatory compliance in regard to credit information. This page contains information and guidelines regarding compliance, as well as samples of some of documentation a user of credit information is required to maintain.
Fair Credit Reporting Act (FCRA)
The purpose of the FCRA is to provide consumer protections with regard to the transmission and retention of consumer credit data.
The FCRA is a Federal law codified in Title 15 Section 1681 of the United States Code passed in 1970 as an amendment to the Consumer Credit Protection Act of 1968. Since its passing, the FCRA has been modified by amendments.
The current text of the FCRA is available from the Federal Trade Commision, who is responsible for enforcement of the Act.
In order to receive information protected by the FCRA, the recipient must have a permissible purpose, which is explained in § 604 of the rule.
Adverse Action Letter
The FCRA specifies that an adverse action taken against a consumer, including the denial of credit based on information received from a credit reporting agency, must be communicated in writing.