FTC Updates Congress on Efforts to Educate Consumers about Their FCRA Rights

The Federal Trade Commission has submitted a report to Congress updating lawmakers on the agency’s efforts to educate consumers about their rights to dispute and correct errors in their credit reports.

Lawmakers requested the report as part of the fiscal year 2020 spending bill that funds the FTC and other federal agencies. Under the Fair Credit Reporting Act (FCRA), consumer reporting agencies must have reasonable procedures to ensure the accuracy of consumers’ reports and give consumers the ability to dispute and correct errors. Consumer reports are used to determine a consumer’s eligibility for credit, insurance, housing, employment, and other benefits. Errors in consumer reports can cause consumers to be denied credit or other benefits, or pay a higher price for them.

The FTC has issued numerous articles and blog posts to inform consumers about how to spot errors in their credit reports and correct problems, while also providing guidance to furnishers and users of credit reports. As part of the Commission’s efforts to examine current trends that might affect consumer reporting accuracy, in December 2019, the FTC co-hosted a workshop with the Consumer Financial Protection Bureau that examined issues affecting the accuracy of both traditional credit reports and employment and tenant background screening reports. In addition to its education efforts, the FTC in the last decade has brought more than 30 actions to enforce the FCRA—about half of which involved allegations related to the accuracy of consumer reports.

The Commission voted 5-0 to send the report to Congress.

The Federal Trade Commission works to promote competition, and protect and educate consumers. You can learn more about consumer topics and file a consumer complaint online or by calling 1-877-FTC-HELP (382-4357). Like the FTC on Facebook, follow us on Twitter, read our blogs, and subscribe to press releases for the latest FTC news and resources.

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