What is the Fair Credit Reporting Act?
Let’s face it. A great deal of what we can or cannot do in this world does depend upon our credit report(s). If you want to open a simple store credit card account, your credit report will be accessed. If you try to rent or lease a home, your credit report will be accessed. It would be nice to think that we all have a lot of privacy, but the truth is that there really isn’t much privacy where your credit report is concerned. Therefore, it is of vital importance that your credit report be accurate and that your credit history has been reported fairly. You have certain rights pertaining to your credit report, and if you know what they are, you can save yourself a lot of grief. “They” have to tell you!
The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness and privacy of information in the files of consumer reporting agencies. There are many types of consumer reporting agencies, including credit bureaus that gather and sell information about your creditworthiness to creditors, employers, landlords, and other businesses. The FCRA gives consumers specific rights. You may have additional rights under state law. • You must be told if information in your file has been used against you. Anyone who uses information from a consumer reporting agency to deny your application for credit, insurance, or employment — or take other adverse action against you — must tell you and give you the name, address, and phone number of the business that provided the information. • You can find out what is in your file. At any time, you may request and obtain your report from a consumer reporting agency.
