Fair Credit Reporting Act | How it helps you during credit repair. They also are your defense of you were to hire an attorney. We do suggest that you hire an attorney because we do not give legal advice. Always consult an attorney for legal matters. The fair credit reporting act is meant to regulate credit bureaus, furnishes of consumer information, and users of consumer reports. They hold those parties accountable for information they use and provide. It must be accurate and complete otherwise they are in big trouble!