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.
An elaborate mechanism has been developed for investigating and evaluating the credit
worthiness, credit standing, credit capacity, character, and general reputation of
consumers.
Consumer reporting agencies have assumed a vital role in assembling and evaluating
consumer credit and other information on consumers.
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.
It is the purpose of this title 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 title.
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.
An elaborate mechanism has been developed for investigating and evaluating the credit
worthiness, credit standing, credit capacity, character, and general reputation of
consumers.
Consumer reporting agencies have assumed a vital role in assembling and evaluating
consumer credit and other information on consumers.
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.
It is the purpose of this title 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 title.