§ 5-18-102 — Legislative declaration

The general assembly finds and declares
that the use of consumer reporting agencies is increasing rapidly as consumer
credit transactions become the rule rather than the exception in every-day
consumer purchasing. Consumer credit reports by consumer reporting agencies
may report on a consumer's credit worthiness, credit standing, credit capacity,
debts, character, general reputation, personal characteristics, or mode of living as
factors to establish a consumer's eligibility for credit insurance or employment.
When a consumer reporting agency undertakes a business that has the potential to
profoundly affect an individual consumer's life, whether for good or ill, it is
incumbent upon such agencies to ensure that the information they are providing is
accurate. Inaccurate consumer credit reports directly impair the efficiency of the
banking system and unfair credit reporting methods undermine the public
confidence in the banking system. There is a need to ensure that consumer
reporting agencies exercise their responsibilities with fairness, impartiality, and
respect for the consumer's rights. The general assembly further finds and declares
that, in the event the information provided by a consumer reporting agency in a
consumer credit report is inaccurate, the consumer has the right to have that
information corrected in a swift and uncomplicated way.

Legislative History

Source: L. 2017: Entire article added with relocations, (HB 17-1238), ch. 260, p. 1114, � 3, effective August 9.