The Fair Credit Reporting Act (FCRA) is a federal law that regulates credit reporting agencies and forces them to insure the information they gather and assign is a fair and accurate summary of a customer’s credit history. The FCRA is primarily concerned with the way credit reporting agencies use the information they receive regarding your credit history. The law is intended to protect consumers from misinformation being used against them. …show more content…
Since 1978, this law has outlined the regulations and standards that all debt collection agencies should abide by. The act limits where and when a person can receive collection calls as well as prohibiting illegal and harassing behaviors such as: Using threatening, profane, or abusive language / Making continuous collection calls to annoy the debtor / Providing misleading or false information / Calling any time before 8:00am or after 9:00pm. The Fair Debt Collection Practices Act was passed in 1977 and the consumer Financial Protection Bureau was the first to make rules on how you can collect debts. The Bureau also addressed, “concerns related to debt collections using its authority under the Dodd-Frank Act to issue regulation concerning unfair, deceptive, and abusive acts or practices,”