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The Fair Credit Reporting Act (FCRA) is a federal law enacted in 1970 that regulates the collection, dissemination, and use of consumer credit information. It aims to promote the accuracy, fairness, and privacy of information in the files of consumer reporting agencies, ensuring that consumers have rights regarding their credit reports and how they are used. This act is crucial in addressing ethical and regulatory challenges within industries that rely heavily on credit data, such as finance and lending.
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