**(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 consumers.
(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.
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Stable record: federal_law:legal_authorities:record_usc_2b73e59e06401a6ecb9f0b2b Source file: Laws/federal/codes/united-states-code/title-15/section-1681-congressional-findings-and-statement-of-purpose--0f3efb718c.md Pages: Not recorded – Not recorded Passage SHA-256: 49d73858bad77adeefe193c6d523f277277efb6224cedf2a636b0d5450f73532 Retained source evidence SHA-256: 2028d8fb7ed7630e1b2330c06b8961535d24d8e7b7995a7a4bb68a7a7c35c24c
Source location: Title 15, Chapter 41, § 1681; chapter-041-consumer-credit-protection.md
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**(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 consumers.
(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.
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Federal law — U.S. Code and appendices · legal_authorities
§ 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 devel-
oped 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 con-
sumer credit and other information on con-
sumers.
(4) There is a need to insure that consumer re-
porting agencies exercise their grave respon-
sibilities with fairness, impartiality, and a re-
spect for the consumer’s right to privacy.
(b) Reasonable procedures
It is the purpose of this subchapter to require
that consumer reporting agencies adopt reason-
able procedures for meeting the needs of com-
merce 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 accord-
ance with the requirements of this subchapter.
(Pub. L. 90–321, title VI, § 602, as added Pub. L.
91–508, title VI, § 601, Oct. 26, 1970, 84 Stat. 1128.)
Page 1557
TITLE 15—COMMERCE AND TRADE
§ 1681
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2003 AMENDMENT
Pub. L. 108–159, § 3, Dec. 4, 2003, 117 Stat. 1953, provided
that: ‘‘Except as otherwise specifically provided in this
Act [see Short