Your Rights Under The FCRA

The Fair Credit Reporting Act (FCRA) which was codified at 15 U.S.C. § 1681 et seq is an American federal law. It regulates the collection of consumers credit information and also undertakes its dissemination.

Following are some of the major rights you are entitled to under this Act.

• Revised by the Fair and Accurate Credit Transactions Act (FACTA), the FCRA gives an annual credit report
• Consumer protection laws related to a credit report state that the company or person should notify the source of credit information in your credit report, as creditors could use this to deny your loan applications for insurance or credit purpose.
• The details of the credit report should be provided to you. Laws related to a credit report state that you have the full right to know the recent inclusions and exclusions in the credit score whenever you want. Done at a nominal fee, this can sometimes be done for free after identity verification. It can be absolutely free if an individual has taken action against you in relation to certain information in the credit reports. It can also be free if you have to place a fraud alert in case of an identity theft
• Furnishers are companies providing information to Credit reporting Agencies (CRA). They could be the creditors or the collection agencies, past/present employers or even the state and municipal courts
• You can request for credit scores from the credit reporting agencies if you are unemployed and plan to look for another job within 60 days. The current or prospective employer can be denied information after your consent
• Inaccurate information or misrepresentation of credit information should be clarified on time to avoid future hassles. The credit company must review the information and forward it to the credit-reporting agency (CRA). Thereafter notice about the changes made, should be issued to you
• Federal laws related to a credit report state that if there are unsolicited offers you do not wish to enroll for, you can choose to unsubscribe by calling the toll free number provided by the company
• Other laws related to a credit report state that if due to some reasons the company is unable to solve the queries, a small note regarding the same should be attached to the credit file
• If an agency, user or provider of information violates the FCRA act, they can be sued in a federal or state court

These privileges can be obtained on request from a state attorney general or a consumer protection agency. They should be strictly followed and any breach on the part of the furnisher or creditor should be reported without any delay.