How Do You Understand The Fair Credit Reporting Act?
As a consumer, you have rights in regards to the kinds of information that can be collected about you by various credit reporting agencies and used by creditors in determining whether to extend credit to you or not. The Fair Credit Reporting Act is a regulatory tool to safeguard those rights for you. There are some key steps to understanding the Fair Credit Reporting Act and how it protects your rights as a consumer to “accurate” and “fair” gathering and sharing of the information used to determine your credit status. Any agency that collects and maintains credit information about a consumer must disclose those records in a credit report made available at a consumer’s request, to ensure that the information maintained in those records is correct Since 2003, consumers have also had the right to receive a single copy of their credit report once a year without cost. If you feel that your credit report contains errors, you have the right to dispute them and to have your claim fully investi
