What is the Fair Credit Reporting Act?
The Fair Credit Reporting Act Promotes the accuracy and privacy of information on your credit report. For example, consumers have the right to receive a free copy of their credit report once every 12 months to review it for accuracy. That gives consumers an opportunity to make sure their report is accurate. If you want a free copy of your credit report, go to www.annualcreditreport.
The Fair Credit Reporting Act (FCRA) governs the activities of credit bureaus and creditors. Among other things, the FCRA requires: • Creditors to furnish accurate and complete information regarding your credit history. • Credit bureaus to investigate if you dispute an entry on your credit report. If your claim is valid, your report must be corrected. • That only people with a legitimate business purpose can obtain a copy of your credit report. If you suspect a credit bureau is not complying with any of these laws, complain directly to the credit bureau. They may correct the problem. If not, contact the Federal Trade Commission. While they can not always resolve individual complaints, they do use consumers complaints and inquiries to decide which companies to investigate for violations.
The Fair Credit Reporting Act (FCRA) is a federal law that gives you the right to know what Consumer Reporting Agencies (CRAs) have on file about you, as well as outlining your right to dispute errors contained in your consumer file. It sets tight restrictions for CRAs about the circumstances under which a consumer report may be obtained and disclosed. The FCRA gives you the right to receive a free copy of your consumer file if you are denied credit, housing, employment or had any other adverse action as a result of information obtained from a consumer reporting agency. For additional information on the FCRA visit the Federal Trade Commission’s Web site at www.ftc.gov.
