What does the Fair Credit Reporting Act specifically aim to do?

The Fair Credit Reporting Act (FCRA) specifically aims to control access to personal credit information, thereby ensuring that consumers' credit reports are used fairly and responsibly. The Act establishes guidelines for how credit reporting agencies can collect, disseminate, and use consumer credit information, giving consumers the right to know what information is being reported about them and to dispute inaccurate information. It also mandates that users of credit reports, such as lenders and landlords, must have a legitimate reason for accessing an individual's credit history.

By controlling access to this sensitive information, the FCRA protects consumers from identity theft and the misuse of their credit information, contributing to overall financial fairness in transactions. This focus on managing and safeguarding individuals' personal and credit data is a core purpose of the Act.