Which law regulates the use of consumer credit reports?

The Fair Credit Reporting Act (FCRA) specifically regulates the use of consumer credit reports. This law establishes guidelines on how consumer credit information is collected, maintained, and shared, ensuring that consumers have access to their credit reports and that their information is handled fairly and responsibly.

Under the FCRA, consumers are entitled to dispute incorrect information on their credit reports and are provided certain rights concerning the privacy and accuracy of their credit information. This act plays a crucial role in promoting transparency in the credit reporting system and protecting consumers from unfair practices related to their credit data.

The other laws mentioned serve different purposes: The Truth in Lending Act (TILA) focuses on disclosure of terms in credit and loan agreements; the Home Mortgage Disclosure Act (HMDA) requires certain financial institutions to report data about their mortgage lending; and the Equal Credit Opportunity Act (ECOA) prohibits discrimination in lending. Each of these laws addresses various aspects of consumer protection but does not specifically regulate how consumer credit reports are used.