Fair Commercial Reporting Practices Act of 1981

Fair Commercial Reporting Practices Act of 1981 - Sets forth rights and procedures applicable to businesses which are the subject of commercial credit reports.

Excludes from the coverage of this Act any consumer reporting agency, consumer report, or user of information which is governed by the Fair Credit Reporting Act.

Delimits the circumstances in which a commercial reporting agency may furnish a commercial report.

Requires a user of a commercial report to notify a person in writing whenever credit, insurance, or other benefits have been denied (or charges increased) based on a commercial report. Requires such notification to include: (1) the identity of the commercial reporting agency; and (2) such person's right to request a copy of the report and to correct an erroneous report.

Requires a commercial reporting agency, upon request of any person, to: (1) disclose all information in its files on such person; (2) permit all such information to be copied; (3) disclose to such person the sources of all information; and (4) disclose the names of all recipients of any commercial report which the agency has furnished within a six-month period.

Directs a commercial reporting agency to reinvestigate the status of information which is disputed by any person (unless it has reasonable grounds to believe such dispute is frivolous or irrelevant), and to delete promptly inaccurate or unverifiable information. Entitles a business to file a brief statement of disagreement if such reinvestigation does not resolve the dispute.

Requires a commercial reporting agency to maintain reasonable procedures to assure the maximum possible accuracy of its information.

Prohibits any such agency from: (1) furnishing adverse information which antedates the commercial report by more than ten years (except with respect to credit transactions or life insurance underwriting involving $500,000 or more); (2) obtaining information by implying that failure to do so will result in adverse consequences; (3) furnishing negative information or recommending that credit not be extended because of a business' failure to cooperate with the reporting agency; (4) furnishing a report which indicates that a business has been denied credit, if the sole reason for such denial is lack of sufficient information, unless the report so states; and (5) lowering the credit rating of a business unless that business is notified of such action in writing within 30 days of such action.

Makes a commercial reporting agency or user of information which willfully or negligently fails to comply with the requirements of this Act civilly liable to the person affected in any appropriate Federal district court without regard to the amount in controversy, or in any court of competent jurisdiction.

Establishes criminal penalties for any person who willfully and knowingly obtains information on a person from a commercial reporting agency under false pretenses.