15 U.S.C. § 1681 : US Code - Section 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
      (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.