What is the Fair Credit Reporting Act?
The Fair Credit Reporting Act (FCRA) is a federal law that regulates the activities of credit reporting bureaus. Private credit reporting bureaus, such as TRW Information Services, Equifax Credit Information Services, and Trans Union Credit Information Company, maintain records of financial payment histories, public record data (such as unlawful detainer (eviction) actions taken against you, or money judgments (entered against you), along with personal identification information. Credit reporting bureaus sell the information to creditors so the creditors can make decisions about whether or not to offer you credit. The FCRA punishes unauthorized persons who obtain credit reports, as well as employees of credit reporting bureaus who furnish credit reports to unauthorized persons. The Act also specifies responsibilities of those supplying the reporting bureaus with information. If the information about you from a credit reporting bureau is all good, there’s no need to worry about it. 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 which are summarized below. 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 another adverse action against you — must tell you and give you the name, address, and phone number of the agency 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. You are entitled to free reports if a person has taken a
The Fair Credit Reporting Act is a law in the United States which governs the way in which information about consumer credit can be collected, distributed, and used. The first version of this law was passed in 1970 in response to growing consumer concerns about the use and abuse of credit information, and it has been amended and altered on several occasions since. The goal of the Fair Credit Reporting Act is to protect consumers from abuse of their credit histories, and to provide avenues of redress when inaccurate information is reported or retained. Under this Act, consumer reporting agencies (CRAs) such as credit bureaus have certain responsibilities. For example, they must provide consumers with copies of their files upon request, and they must be willing to negotiate when a consumer disputes an item on a credit record. Negative information such as reports of bankruptcies may only stay on a credit report for a set period of time, and the credit agency must take steps to preserve th
myAcc.addGroup(‘accordionGroup_16’); The Fair Credit Reporting Act (FCRA) was passed by Congress to ensure that credit reporting agencies keep accurate, fair, and private records of your credit history. According to the Federal Trade Commission, the FCRA entitles you to the following rights. You must be told if information in your file has been used against you. You can find out what is in your file. You can dispute inaccurate information with the credit reporting agency. Inaccurate information must be corrected or deleted. However, the credit reporting agency is not required to remove accurate data from your file unless it is outdated or cannot be verified. You can dispute inaccurate items with the source of the information. Outdated information may not be reported. Access to your file is limited. Your consent is required for reports that are provided to employers, or reports that contain medical information. You may choose to exclude your name from credit reporting agency lists for u
