The Fair Credit Reporting Act (FCRA) was created by the federal government to determine how your credit information is handled. It affects the ways that credit reporting agencies protect your information. In addition, the FCRA requires these agencies to provide you with information about your credit record so that you can make sure that it is accurate.
Protecting Your Credit
With the Fair Credit Reporting Act, you are legally allowed free copies of your credit reports from the three largest credit bureaus. Experian, Equifax and TransUnion must provide you with a copy of your report every 12 months if you ask for it. A credit reporting agency (CRA) is required to give you any information that it has on file about you. If you dispute this …show more content…
With the Fair Credit Reporting Act, your information suppliers must not report inaccurate information about you. If the information supplier provided inaccurate information, they have a duty to promptly correct it. They must notify you about any negative information they provide within 30 days. They must have procedures in place to respond to identity theft notices.
If an information supplier provided the wrong information about you, there are options available. You should start by disputing the inaccurate information in writing. Once you have notified the supplier in writing, they are not allowed to report that information to the CRA until it has been completely investigated.
Your Rights Under the FCHA
You must be told about any information in your credit report that could be used against you. You are entitled to a free report each year and in the event of circumstances like identity theft or fraud. Likewise, you can dispute inaccurate information, and the CRA must correct inaccurate or unverifiable information within 30 days. The CRA must also remove outdated negative information in most cases within 7 to 10 years. For example, a bankruptcy must be removed from your credit within 10 years. If someone violates the FCRA, you may be able to sue them in federal or state
Protecting Your Credit
With the Fair Credit Reporting Act, you are legally allowed free copies of your credit reports from the three largest credit bureaus. Experian, Equifax and TransUnion must provide you with a copy of your report every 12 months if you ask for it. A credit reporting agency (CRA) is required to give you any information that it has on file about you. If you dispute this …show more content…
With the Fair Credit Reporting Act, your information suppliers must not report inaccurate information about you. If the information supplier provided inaccurate information, they have a duty to promptly correct it. They must notify you about any negative information they provide within 30 days. They must have procedures in place to respond to identity theft notices.
If an information supplier provided the wrong information about you, there are options available. You should start by disputing the inaccurate information in writing. Once you have notified the supplier in writing, they are not allowed to report that information to the CRA until it has been completely investigated.
Your Rights Under the FCHA
You must be told about any information in your credit report that could be used against you. You are entitled to a free report each year and in the event of circumstances like identity theft or fraud. Likewise, you can dispute inaccurate information, and the CRA must correct inaccurate or unverifiable information within 30 days. The CRA must also remove outdated negative information in most cases within 7 to 10 years. For example, a bankruptcy must be removed from your credit within 10 years. If someone violates the FCRA, you may be able to sue them in federal or state