The statute requires reasonable procedures to assure maximum possible accuracy, limits report use to permissible purposes, requires reinvestigation of disputes, and mandates adverse action notices.
Willful violations support statutory and punitive damages.
Alternative Names:
FCRA|Credit Reporting Act
Why it Matters?
The willfulness standard from Safeco is the central defense, since an objectively reasonable interpretation of an ambiguous statutory provision defeats willfulness even if the interpretation was wrong, which eliminates statutory and punitive damages and confines recovery to actual damages. Establishing that the challenged practice rested on a defensible reading of unsettled law is accordingly the primary defense investment in these cases.
Frequently Confused with
Related terms
Frequently asked questions
What is the central defense?
What does defeating willfulness accomplish?
