How must lenders comply with the Fair Credit Reporting Act (FCRA)?

Lenders must comply with the Fair Credit Reporting Act (FCRA) primarily by allowing consumers access to their credit reports. This regulation is designed to promote transparency and protect consumers' rights regarding their credit information.

Under the FCRA, consumers have the right to request and obtain a copy of their credit report from credit reporting agencies. This access enables individuals to review their credit history, check for inaccuracies, and understand how their credit is being evaluated, which is essential for making informed financial decisions. Providing consumers with access to their credit reports is a key component of ensuring they can monitor their credit status and take steps to correct any errors that may negatively impact their credit score.

In contrast, while estimates of current credit scores, collecting scores from non-registered agencies, and charging fees for accessing reports might be related to credit reporting practices, they do not align with the core requirements of the FCRA, which focuses on consumer access to accurate credit information and the promotion of fair lending practices.