A consumer credit report is defined in the Fair Credit Reporting Act (FCRA) of 1970 as any incident in which a consumer reporting agency conveys information to one of its clients that has some kind of influence on the client. Such information can affect a person’s credit standing, credit worthiness, character, credit capacity, mode of living and general reputation. Changes in any of these factors are important because credit lending and insurance organizations use them to determine whether or not a consumer is eligible for their services. This eligibility can have a bearing on certain choices one has for oneself, one’s family and one’s employment.
- Consumer Credit Protection Act of 1968
- Fair Labor Standards Act (FLSA) of 1938
- Fair Credit Reporting Act of 1969
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