Consumer Rights under the Fair Credit Reporting Act

Article Written By: yourcreditsrights.com@gmail.com

The Fair Credit Reporting Act passed by the Congress, enforced by the Federal Trade Commission, protects consumers from falling prey to false credit practices. Under the FCRA the consumers have certain rights to make sure their credit is reported fairly.

The purpose is to ensure accuracy and fairness of credit reporting. There are three main Credit Reporting Agencies (CRA) that assimilate information regarding your credit, your spending habits and your liabilities etc. Different states may have their own CRAs. These CRAs report the information collected to the FCRA. This Act directs and controls information collected by CRAs about a consumer's credit worthiness, his capacity to repay a debt, and consumer privacy.

The CRAs should disclose your credit report to you when requested. You have to identify yourself to the agency to acquire the report. A CRA may provide your credit report only to those who are permitted by you. You may permit access of the report for evaluation of an application for a loan, credit card, or employment. However, the CRA should not provide any information to employers unless the employer has your written permission. Under the FCRA you have a right to dispute if you realize there is inaccurate information in the credit report. The agency then has to investigate the matter with the source that provided the information. The CRA must correct or delete any inaccurate information in your credit report. Outdated information in your credit report also needs to be deleted. If the information has negative impact in it, it should be deleted after a span of seven years (ten for bankruptcies).

You may also request the CRAs not to share your information with marketers, who then send you unsolicited messages. You may request to remove your name from marketing lists. You have to inform this to all three CRAs because all three have your credit report.

Under the FCRA you have a right to get your credit score/report anytime, for a fee. You are entitled to get one free report every year and all subsequent reports can be had for a fee.

You may opt for fraud alerts to help prevent identity thefts. If you believe you are a victim of identity theft you have special rights under the FCRA. These rights can help you recover from the effects of identity theft.

About the Author

www.yourcreditrights.com

You Can Link Directly to "Consumer Rights under the Fair Credit Reporting Act" by using the url:
http://www.allbestarticles.com//finance/credit-repair/consumer-rights-under-the-fair-credit-reporting-act.html

This Article Has Been Published on Sat, 22 May 2010 and Read 158 Times

Find All Best Articles at http://www.allbestarticles.com

Rating: Not yet rated

Comments

No comments posted.

Add Comment

You do not have permission to comment. If you log in, you may be able to comment.

Related information on Credit Repair

Credit Repair Services - When To Decide If You Could Use Their Help
Helpful Steps To Rebuild Poor Credit
Consumer Rights under the Fair Credit Reporting Act
Hiring Credit Repair Specialists vs. Doing It By yourself?
Credit Rating Repair
Credit Repair With High Impact
The Payback Of Credit Repair
You Can Have To Repair Your Credit Soon
Fixing Negative Credit Is Easier Than You Think
How Do Credit Counselling Services Work?
Repair Your Credit And Improve Your Credit Score
Best Practices in Credit Repair