(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.