Your Rights Under the Fair Credit Reporting Act

September 21st, 2008 | by HelpingU |

The Fair Credit Reporting Act (FCRA) is a federal law (codified at 15 U.S.C. § 1681 et seq.) in the United States which regulates the collection, dissemination, and use of consumer credit information (credit reports). In conjunction with the Fair Debt Collection Practices Act (FDCPA), it forms the basis of consumer credit rights for all citizens of the United States. What rights do consumers have under the Fair Credit Reporting Act?

According to the Fair Credit Reporting Act , you have the right to :

  • Obtain from a credit bureau the complete contents of your credit file.
  • Know who has made an inquiry about your credit rating. This includes stores, employ­ers, banks etc.
  • Request the major credit bureaus for reverification if information is found to be incor­rect.
  • Obtain missing data added to your credit report.
  • Have negative credit info erased from your report after seven years or the legal limit in your state.
  • Add credit history from the consumers side of the story.
  • Obscure information in your report from anyone other than legit­imate representatives of the credit reporting agency.
  • Have your credit report transferred from one address to another any and every time you relocate.
  • Leverage small claims court filings to resolve any disputes with the credit bureau concerning inaccurate details in your report.
  • Learn the details of why you were refused credit if you contact the lender refusing credit within the specified period.
  • Remain silent about negative credit information which does not currently appear in your report.

The FRCA is setup to help consumers avoid inaccurate credit reporting, however a consumer must be proactive when dealing with the information presented in your credit report.



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