What term describes the guidelines for credit reporting that protect consumers?

The Fair Credit Reporting Act (FCRA) is the term that specifically refers to the federal law that establishes guidelines for credit reporting and sets standards to protect consumers. Enacted in 1970, the FCRA aims to ensure the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. It provides consumers with specific rights regarding their credit reports, including the right to access their credit reports, the right to dispute inaccurate information, and the right to know if their credit information has been used against them.

The FCRA is crucial in helping consumers manage their credit information and promoting transparency in the credit reporting process. It applies to a variety of entities involved in the collection and reporting of consumer credit information, thereby safeguarding consumer interests against potential misuse of their credit reports.