A Summary of Your Rights under the Fair Credit Reporting Act
Fair Credit Reporting Act.pdf
The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. Here is a summary of your major rights under the FCRA.
Information used against you – Anyone using a credit report or any type of consumer report to deny your application for credit, insurance, or employment (or to take another adverse action against you), must tell you. They must also give you the name, address, and phone number of the agency that provided the information.
Right to know what is in your file – You may request and obtain all the information about you in the files of a consumer reporting agency (file disclosure). You will be required to provide proper identification, and in many cases the disclosure will be free if. You are entitled to a free file disclosure if:
- a person has taken adverse action against you because of information in your credit report;
- you are the victim of identity theft and place a fraud alert in your file;
- your file contains inaccurate information as a result of fraud;
- you are on public assistance;
- you are unemployed but expect to apply for employment within 60 days
In addition, as of September 2005 all consumers are entitled to one free disclosure every 12 months upon request from each nationwide credit bureau and from nationwide specialty consumer reporting agencies.
Your Credit Score – You may request a credit score from consumer reporting agencies that create scores or distribute scores used in residential real property loans, but you will have to pay for it.
Dispute incomplete or inaccurate information – If information in your file is incomplete or inaccurate and report it to the consumer reporting agency, the agency must investigate it unless your dispute is frivolous. See www.ftc.gov/credit for dispute procedures.
Correcting disputed information – Any inaccurate, incomplete or unverifiable information must be removed or corrected, usually within 30 days. A consumer reporting agency may continue to report the information it has verified as accurate.
Outdated negative information – In most cases, consumer reporting agencies may not report negative information that is more than seven years old, or bankruptcies that are more than 10 years old.
Limited Access – A consumer reporting agency may provide information about you only to people who have a valid need for it. The FCRA specifies those who have a valid need for access.
Consent for employers – Your information may not be given out to your employer, or potential employer without your written consent. However, written consent is generally not required in the trucking industry.
Limiting “prescreened” offers – Unsolicited “prescreened” offers for credit and insurance must include a toll-free phone number you can call if you choose to remove your name and address from the lists these offers are based on. You may opt-out with the nationwide credit bureaus at 1-888-5 OPTOUT (1-888-567-5688).
Identity theft victims and active duty military personnel have additional right.
For more information, visit www.ftc.gov/credit or write to:
Consumer Response Center, Room 130-A
Federal Trade Commission
600 Pennsylvania Ave. N.W.
Washington, D.C. 20580
Related Posts:
Understanding Your Credit
Monitoring Your Credit Report
Repairing Your Credit & Identifying Scams
Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my blog at www.SellingNorthernNV.com
Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521
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