Registration
FCRA
WHAT IS FCRA REGISTRATION?
The Fair Credit
Reporting Act (FCRA) is a U.S. federal law designed to promote accuracy,
fairness, and privacy of consumer information contained in the files of
consumer reporting agencies. Here's an overview of its key aspects:
BENEFITS OF FCRA
Consumer Rights: Gives consumers the right to
access their credit reports and dispute inaccuracies.
Accuracy: Requires credit reporting agencies
to ensure that the information they report is accurate and up-to-date.
Privacy: Limits who can access your credit
report and under what circumstances.
Fraud Protection: Provides measures for consumers to protect
themselves against identity theft.
PROCESS UNDER FCRA
1. Accessing
Credit Reports: Consumers can request a free credit report from each of
the major credit bureaus once a year.
2. Disputing
Errors: If inaccuracies are found, consumers can file a dispute with the credit
reporting agency, which must investigate within 30 days.
3. Notification
of Changes: Consumers are notified if their credit report is used to deny an
application for credit or employment.
CRITERIA FOR COMPLIANCE
1.
Accuracy: Credit
reporting agencies must maintain accurate records and update them regularly.
2.
Verification: Agencies
must investigate disputes and verify the information within a specified
timeframe.
3.
Consumer
Consent: Creditors must obtain consumer consent before accessing credit reports
for non-initiated inquiries.
4.
Notice
of Adverse Action: If a credit report is used to deny credit, consumers
must receive a notice explaining the reasons.
📄 Document
Title: FOREIGN CONTRIBUTION (REGULATION) ACT, 2010
📜 Document Instructions:
Format: 📄 PDF
Service Related FAQ
WHAT IS FCRA REGISTRATION?
FCRA Registration is a process through which non-governmental organizations (NGOs) and associations are authorized to receive foreign donations or contributions in India.
WHO NEEDS TO REGISTER UNDER FCRA?
Any NGO, association, or organization that intends to receive foreign contributions must register under FCRA.
WHAT IS THE PURPOSE OF FCRA REGISTRATION?
The purpose is to regulate the receipt of foreign contributions and ensure they are used for lawful purposes, in the interest of national security and integrity.
HOW DO I APPLY FOR FCRA REGISTRATION?
The application can be made online through the Ministry of Home Affairs (MHA) website, by submitting the required documents and a completed form.
WHAT DOCUMENTS ARE REQUIRED FOR FCRA REGISTRATION?
Documents include the organization’s registration certificate, audited financial statements, bank details, details of office bearers, and a statement of work.
HOW LONG IS FCRA REGISTRATION VALID?
FCRA Registration is valid for five years, after which it must be renewed by submitting a renewal application.
IS THERE ANY FEE FOR FCRA REGISTRATION?
Yes, there is a fee for FCRA Registration, which varies depending on the nature of the organization
WHAT HAPPENS IF FCRA REGISTRATION IS NOT OBTAINED?
Organizations that do not register under FCRA are prohibited from receiving foreign contributions and can face penalties.
WHAT IS THE PENALTY FOR MISUSE OF FOREIGN CONTRIBUTIONS UNDER FCRA?
Misuse of foreign contributions can lead to penalties, including fines, confiscation of funds, and cancellation of FCRA Registration.
CAN FCRA REGISTRATION BE TRANSFERRED?
No, FCRA Registration is non-transferable. If there is a change in the organization, a new registration must be obtained.
