The Fair Credit Reporting Act
October 12th, 2007 | by HelpingU |Due to the growth in popularity of credit spending, Federal law was passed in 1970 to give US consumers easier access and more information about their credit records. The Fair Credit Reporting Act (FCRA) gives you the right to find out the information in your credit record, to dispute information you believe inaccurate or incomplete, and to find out who has seen your credit report in the past six months.
The Fair Credit Reporting Act states that if you dispute information on your credit file that you believe to be inaccurate or incomplete, you can ask the credit bureau aka Consumer Reporting Agencies (CRAs) to investigate the problem. If the CRA’s investigation does not resolve the dispute, you can file a brief statement explaining the nature of the dispute. Your statement becomes a permanent part of your records and will remain on the report as long as the negative information is reported.
If you have been denied credit, you can request that the CRA’s involved provide you with a free copy of your credit report, but you must request it promptly. Otherwise each of the bureaus will provide you a copy of the report for a small fee ($8 or less). You can request a copy from their web sites or 800 numbers.
Many people with no credit history find it nearly impossible to get a major credit card or other forms of credit such as a mortgage or a car loan. Scoring systems are not designed with the first-time credit user in mind but fortunately, there are ways to establish credit such as having your name on a public utility bill or even a cellphone bill.
If you feel you have a credit issue you need to dispute or if you just want a copy of your credit report, here are the websites and phone numbers of the three major Consumer Reporting Agencies in the United States.
Experian Credit Bureau (formerly TRW): - http://www.experian.com/
Tel: 800-301-7195
Equifax Credit Bureau: - http://www.equifax.com/
Tel:800-685-1111
Trans Union: - http://www.transunion.com/
Tel: 800-916-8800
