The Fair Credit Reporting Act (FCRA) is a federal law that regulates the collection, accuracy, fairness, and privacy of the information in consumer credit bureau files. The FCRA protects information collected by consumer reporting agencies such as credit bureaus, medical information companies, and tenant screening services. Here are some ways in which the FCRA impacted credit bureaus: Purpose Specification: Information in a consumer report cannot be provided to anyone who does not have a purpose specified in the Act. Legal Obligations: Companies that provide information to consumer reporting agencies have specific legal obligations, including the duty to investigate disputed information. Record Accuracy: The Fair and Accurate Credit Transactions Act added many provisions to the FCRA primarily relating to record accuracy and identity theft. Notification: Users of the information for credit, insurance, or employment purposes must notify the consumer when an adverse action is taken on the basis of such reports. Rights: The FCRA helps consumers understand what actions they can take in regard to the information in their credit reports. Data Collection: The FCRA describes the kind of data that credit bureaus are allowed to collect, including a person's bill payment history, past loans, and current debts. Overall, the FCRA has helped to ensure the accuracy, fairness, and privacy of the information in consumer credit bureau files, and has placed specific legal obligations on companies that provide information to consumer reporting agencies.