The Fair Credit Reporting Act (FCRA) is a federal law that regulates how consumer credit information is collected, shared, and used. It aims to ensure accuracy, fairness, and privacy in the reporting of consumer credit information by credit reporting agencies. Under the FCRA, consumers have the right to access their credit reports and dispute any inaccuracies. Additionally, the FCRA requires that consumers be informed when their credit information is used against them, such as in loan applications. It also limits how long negative information can remain on a credit report, helping to protect consumers from unfair treatment based on outdated or incorrect data.