Which act governs the use of consumer credit reports and personal information?

The Fair Credit Reporting Act (FCRA) is the legislation that governs the use of consumer credit reports and personal information, establishing guidelines on how credit information can be collected, shared, and utilized. It provides consumers with the right to access their credit reports, dispute inaccuracies, and receive notifications if a credit report is used against them in determining creditworthiness. The act aims to promote accuracy, fairness, and privacy of personal information contained in consumer credit reports.

The other acts mentioned have different focuses. The Credit Repair Organizations Act regulates the practices of companies that offer to improve consumers' credit reports for a fee but does not primarily govern the use of consumer credit data itself. The Consumer Financial Protection Act was established to oversee financial products and protect consumers but doesn’t specifically detail the handling of credit reports. The Equal Credit Opportunity Act prohibits discrimination in credit transactions based on race, color, religion, sex, national origin, marital status, or age, focusing more on equitable lending practices rather than the management of consumer credit information.