FAIR CREDIT REPORTING ACT - YOUR CONSUMER RIGHTS
The Fair Credit Reporting Act you say? It may sound relatively unimportant, but let me tell you, it is far from it! The Fair Credit Reporting Act has been in action since 1971 and it is pivotal to ensuring that consumers are not taken advantage of by bureaus and creditors. It specifies how these companies are to get a hold of and report your credit. It keeps them in check and provides guidelines for them to follow. Although, most importantly this act outlines your rights as a credit consumer. It is important to be educated on these rights so that you can ensure a correct credit report and what you are entitled to when it comes to reviewing/editing/correcting your credit report. (Notley, 2002)
These are your consumer rights!
“To be told by a credit bureau the nature and sources of the information collected about you”
To obtain a copy of your credit report from the credit bureau for a reasonable fee”
To obtain a copy of your credit report free of charge when you have been denied credit, insurance, or employment, within 30 days from the date of rejection”
To bring anyone you wish when you visit the credit bureau to check your credit file”
To be told who has received a credit report on you within the preceding six months, or within the preceding two years if the report was furnished to a prospective employer.”
To dispute incorrect, incomplete, inaccurate, or obsolete information and have the credit bureaus re-investigate this information. If the information is found inaccurate or obsolete, or if it cannot be verified within a reasonable period of time, to have such information removed from your credit report.”
To place in your credit file a consumer statement explaining your version of a disputed item that was not resolved between you and the credit bureau”
To instruct credit bureaus to send the consumer statement you place in a file to all future creditors.”
To be notified by a business that is ordering an ‘investigative consumer report’ on you.”
To have revealed to you the nature and substance of the information that was contained in a ‘investigative consumer report’.”
To have derogatory information removed from your credit report after seven years, with the exception of bankruptcy, which can stay on your report for ten years.” (Notley, 2002)
It is important to remain educated on your rights as knowing them may be able to drastically improve your scores when you are able to stand up to the credit bureaus and creditors!
Information pulled from:
Notley, S. (2002). Credit solutions: Proven strategies to establish and re-establish your credit. The Manning Group
If you ever have questions, contact us - your expert consultants.
-
Solutions Team
