What is the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA) is a federal law that regulates the activities of credit reporting bureaus. Private credit reporting bureaus, such as TRW Information Services, Equifax Credit Information Services, and Trans Union Credit Information Company, maintain records of financial payment histories, public record data, such as unlawful detainer actions taken against you or money judgments along with personal identification information.

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Will I have to pay a debt that I owe to a company that has filed for bankruptcy?

If you owe money to a bankrupt company, whether for a debt, line of credit, purchase, or any other past financial transaction, you are obligated to pay that debt even if the company in question files for bankruptcy. The fact that the company is bankrupt does not eliminate your debt, because the company’s financial status does not alter the status of your transaction.

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