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[15 U.S.C. § 1681] (1) The banking system is dependent upon fair and accurate credit report- ing. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system.

They have also taken steps to remove all medical collections under $500. This last step went into effect on April 11, 2023, and with this change, it's estimated that roughly half of those with medical debt on their reports will have it removed from their credit history.

The Act (Title VI of the Consumer Credit Protection Act) protects information collected by consumer reporting agencies such as credit bureaus, medical information companies and tenant screening services. Information in a consumer report cannot be provided to anyone who does not have a purpose specified in the Act.

Reporting of Medical Debt: The three major credit bureaus (Equifax, Transunion, and Experian) will institute a new policy by March 30, 2023, to no longer include medical debt under a dollar threshold (the threshold will be at least $500) on credit reports.

The statute of limitations for bringing an action for a violation of the FCRA is two years from the date of discovery of the violation by the consumer, although the action must be brought within five years of the date of the actual violation.

Section 623(a)(1)(B). If a consumer notifies a furnisher that the consumer disputes the completeness or accuracy of any information reported by the furnisher, the furnisher may not subsequently report that information to a CRA without providing notice of the dispute.