What is the Fair Credit Reporting Act?
The Fair Credit Reporting Act (FCRA) promotes accuracy and privacy of information in consumer reports. According to this act, you have the right to review your credit report and have any incorrect information rectified.
The FCRA was enacted in 1970 and has been substantially amended several times since then. Below is a summary of your rights under the FCRA:
- Your credit file must be disclosed to you upon request. If you request it (and provide the proper identification), consumer reporting agencies must provide you with a copy of your credit report.
- Limited access to your information. A consumer reporting agency can’t provide your credit report to any organization that doesn’t have a need for it. Permissible purposes include loan applications, credit applications, or applications for service or employment.
- Consent before providing to employer. An employer or potential employer can’t have access to your credit report unless you first give them written permission.
- Investigate questionable information. If you believe some of the information in your credit report is in error, the agency must investigate the matter.
- Correct or remove inaccurate information. If any information is deemed incorrect, the consumer agency must remove said information from your credit file.
- Remove outdated information. Any negative information more than seven years old (or 10 for bankruptcy) must be removed.
- Remove your name from marketing lists if you request it. You can request consumer reporting agencies not share your information by calling 1-888-5-OPT-OUT.
- Give you your credit score upon request. You have the right to request your own credit score.
- Add identity theft alerts. You may place fraud alerts on your credit report to prevent identity theft.
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