Conditions of use · Every effort has been made to reproduce the code accurately.  However there could be errors which would change the effect of the code.  Permission to use these materials is given only on the condition that the user will be solely responsible for verifying the accuracy of the information contained herein.

Text size · You may adjust the size of the text from your browser's control bar: View, Text Size.

Printing · If the top menu bar stays at the top of the window as you scroll in your browser, return the browser to the top of the page before printing or the menu bar may obscure some text.  You may print selected pages of the web page by printing from File, Page Preview instead of Print.  More printing tips.

Link to the Code · You may link your web page directly to this version of the code, or any subsection.  More link information.

TITLE 15.  COMMERCE AND TRADE  ·  UNITED STATES CODE

Chapter 41.  CONSUMER CREDIT PROTECTION

Subchapter III. CREDIT REPORTING AGENCIES

15 USC § 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, credit standing, credit capacity, character, and general reputation of consumers.

(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.

[Rev. Jan. 3, 2007]