(a) 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) It is the purpose of this title 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 title.
[15 USC 1681.]
