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Because _____ influence consumers' ability to make purchases and secure loans, the United States Congress passed the Fair Credit Reporting Act (FCRA) of 1970 to ensure accurate credit reporting.

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The Fair Credit Reporting Act (FCRA) of 1970 was  passed by the United States Congress because credit scores influence consumers' ability to secure loans and make purchases.

Credit reporting bureaus such as Experian, Equifax, and TransUnion amongst other specialized companies do obtain and sell consumers' financial history and information.

These information are used to score the consumers' credit worthiness. This score is referred to as "credit score".

A higher credit score increases the chance of an induvial in securing money from potential lenders as well as ability to make purchases.

  • In order to promote fairness, accuracy, as well as regulate how consumers' credit report are obtained, the Fair Credit Reporting Act (FCRA) of 1970 was  passed by the United States Congress because credit scores influence consumers' ability to secure loans and make purchases.

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