The statute of limitations on claims for FCRA violations is:

The statute of limitations for claims under the Fair Credit Reporting Act (FCRA) is indeed set at two years from the time the plaintiff knew or should have known about the violation. This is a crucial aspect of the FCRA because it aligns with the principle that individuals should have a reasonable timeframe to file a claim after becoming aware of an infringement of their rights. However, it also includes a provision that limits any claims to a maximum of five years from the date of the alleged violation, ensuring that there is a clear endpoint for potential legal actions.

This specific structure of the statute of limitations is designed to balance the interests of consumers seeking redress for potential violations and the need for legal certainty for entities covered by the FCRA. It helps to prevent indefinite liability and encourages prompt reporting and resolution of disputes related to consumer credit reporting practices.