Consumer Credit Reporting Agencies Act Law and Legal Definition

Consumer Credit Reporting Agencies Act regulates the collection, dissemination, and use of consumer information, including consumer credit information. Consumer reporting agencies are entities that collects and disseminates information about consumers to be used for credit evaluation and certain other purposes, including employment. Credit bureaus, a type of consumer reporting agency, hold a consumer's credit report in their databases.

The following is an example of the state statute (California) which explains about the remedies granted under the Act:

Cal Civ Code § 1785.31 states that any consumer who suffers damages as a result of a violation of this Act by any person may bring an action in a court of appropriate jurisdiction against that person to recover the following:

In the case of a negligent violation, actual damages, including court costs, loss of wages, attorney's fees and, when applicable, pain and suffering.

In the case of a willful violation:

1. Actual damages

2.Punitive damages of not less than one hundred dollars ($100) nor more than five thousand dollars ($5,000) for each violation as the court deems proper.