Consumers who do not invoke the protections of the FCRA will be no better off than they were prior to the amendments. In addition to making it easier for consumers to register complaints and correct inaccuracies in their credit reports, the amended FCRA strengthens and expands the remedies available to consumers. Violations that may subject an entity to suit include deviations from dispute procedures, failure to notify consumers of certain changes in their reports, reinserting inaccurate information, and misuse of consumer credit report information. Lawsuits can be brought in federal court, and a successful lawsuit entitles a consumer to court costs and reasonable legal fees. In response to the amendments to the FCRA, there were criticisms that the new provisions would be overly burdensome on small businesses.
Businesses providing credit information are now liable for the accuracy of such information.
Small businesses contend that they will be forced to spend significant sums of money to comply with the FCRA and avoid litigation. Only time will tell whether the FCRA provisions will hinder smaller businesses, but small and large businesses alike need to be aware of the new provisions and implement appropriate policies and procedures to comply with the newly amended law. The newly amended FCRA is Congress's response to consumers' steadily growing outcry for remedial legislation in the consumer credit reporting industry. Despite increased burdens on reporting agencies, credit report users and information providers, the amended FCRA reestablishes and improves the accuracy, fairness and privacy in the consumer credit reporting industry. Also, those entities involved in the furnishing, compiling, manipulating and reporting of consumer credit information are subject to new obligations under the amended FCRA provisions.