The federal Fair Credit Reporting Act (FCRA) was passed to help protect consumers against unfair practices and from inaccurate information being placed in their file. It also states what must be done to protect the privacy of the information in your file. There are many types of reporting agencies, just to list a few;
credit bureaus
check writing history agencies
medical records agencies
rental history agencies
Your rights under the Fair Credit Reporting Act:
1.You must be told if any information from your file has been used against you.
2.You have the right to know what's in your file.
3.You have the right to ask for your credit score.
4.You have the right to dispute any inaccurate or incomplete information.
5.Reporting agencies must correct or delete inaccurate, incomplete or un-verifiable information.
6.Reporting agencies must not report outdated negative information.
7.Access to your file must be limited.
8.You must give consent before reports are provided to employers.
9.You may limit “pre-screened” offers of credit or insurance you get based on your credit report.
10.You may seek damages from violators.
You must be told if any information from your file has been used against you.
If anyone uses information from your credit or any other consumer report to deny you credit, insurance, employment or causes any other adverse action to be taken against you, they must tell you. They also must provide you with the name, address and phone number of the agency that provided the information.
The right to know what's in your file.
You have the right to request and obtain all information in your credit file of a reporting agency. You are entitled to a free report once a year from each of the three credit bureaus. If you request more than one report from an agency within a year after receiving your free report, you will have to pay a fee. That is if you don't fall under one of the conditions listed below. You are entitled to a free report if;
Anyone has taken adverse action against you because of information in your file.
You are a victim of identity theft.
Your file contains inaccurate information because of fraud.
You receive public assistance.
You are unemployed and expect to apply for employment within 60 days.
To keep track of your credit file you could subscribe to a credit alert program. A cheaper way
is to request a free report from a different credit bureau every 4 months. If you remember, the law states a free report from each of the three credit bureaus.
The right to ask for your credit score.
You may request your credit score from a credit reporting agency. You will be charged a fee. There are some credit card companies that will provide you with this for free. If you pay your bills online, check to see if they provide this information on their web site.
The right to dispute any inaccurate or incomplete information.
If you find information in your report that is inaccurate or incomplete, you can report it to the reporting agency. If your dispute is not frivolous, they must investigate it.
Reporting agencies must correct or delete inaccurate, incomplete or un-verifiable information.
Most of the time this must be done within 30 days.
Reporting agencies must not report outdated negative information.
Information that is more than 7 years old or bankruptcies more than 10 years old should not be reported.
Access to your file must be limited.
Only those with a valid need are to have access to your file. Usually for a credit application, insurer, employer, landlord or other business.
You must give consent before reports are provided to employers.
Your employer or potential employer can not access your file without written consent from you.
You may limit “pre-screened” offers of credit or insurance you get based on your credit report.
Unsolicited “pre-screened” offers for credit or insurance must include a toll free number for you to call if you want to be removed from their list. You can call 1-888-5-optout (1-888-567-8688) ti opt-out with the credit bureaus.
You may seek damages from violators.
You may be able to sue if a reporting agency, a user of these report or a furnisher of information to a reporting agency violates the FCRA.
Many states have their own reporting laws which may give you additional rights. You can contact your state or local consumer agency or state Attorney General for more information. Active duty military personnel and identity theft victims have additional rights which I will save for later.
I hope this helps you in understanding your rights. For more information go to http://ftc.gov/credit
Copyright 2007 Robert Hughes
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By: Robert Hughes