What penalties can be imposed for willful noncompliance with the FCRA?

The penalties for willful noncompliance with the Fair Credit Reporting Act (FCRA) are quite substantial, reflecting the law's emphasis on protecting consumer information. When an entity knowingly fails to adhere to the provisions of the FCRA, the law allows for a range of consequences. These include not just monetary damages to compensate the harmed individuals, but also the possibility of punitive damages that serve as a punishment for the wrongdoing and as a deterrent against future violations.

In addition to these damages, the responsible party may also be required to pay attorney's fees, which ensures that consumers can recover the costs of legal representation when pursuing claims under the FCRA. This multi-faceted approach encourages compliance and reinforces the importance of safeguarding consumer data. The other options do not encapsulate the full scope of the penalties defined under the FCRA, as they either limit the types of penalties or omit important aspects such as punitive damages and attorney's fees.