Fair Credit Reporting Act

The Fair Credit Reporting Act is a federal statute that protects consumers by regulating the collection, dissemination and use of consumer credit information. The text of this statute is provided as general information to the public. It may be amended, revised, or rescinded at any time without notice. This information is not intended to be legal advice. For more information, please see our disclaimer.

15 U.S.C. § 1681x. Corporate and technological circumvention prohibited

The Commission shall prescribe regulations, to become effective not later than 90 days after the date of enactment of this section [enacted Dec. 4, 2003], to prevent a consumer reporting agency from circumventing or evading treatment as a consumer reporting agency described in section 603(p) [15 USCS § 1681a(p)] for purposes of this title [15 USCS § 1681 et seq.], including--
(1) by means of a corporate reorganization or restructuring, including a merger, acquisition, dissolution, divestiture, or asset sale of a consumer reporting agency; or
(2) by maintaining or merging public record and credit account information in a manner that is substantially equivalent to that described in paragraphs (1) and (2) of section 603(p) [15 USCS § 1681a(p)], in the manner described in section 603(p) [15 USCS § 1681a(p)].