What is the FCRA?

Applying for a loan can be a nerve-wracking experience in the best of circumstances. The FCRA (Fair Credit Reporting Act) was developed with the consumers' best interests in mind. Under the provisions of this act, consumers are protected by certain legal rights. Credit information is a sensitive matter, and there are rules and regulations in the FCRA that govern who receives credit information, what type of information can be included, and how this information is used.

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According to the FCRA, a consumer is given the right to obtain one free credit report per year. This is an important thing for consumers to take advantage of because it can be an invaluable tool in polishing up less than perfect credit or developing a game plan to boost your credit rating. After receiving your free credit report, you can then look over it for accuracy.

According to the FCRA, consumers have a right to dispute any claims on their credit reports. For instance, if you see an unwarranted item, you have the right to contact the credit service and dispute the claim. They then have thirty days to contact you to discuss proof to substantiate the claim. If they can not provide proof, then the item must be removed from your credit report.

The FCRA also makes your credit report assessable to those with a FCRA permissible service. Your personal credit report can't be easily previewed by just anyone. Not only is the disbursement of your credit report monitored, but the content which is included is also monitored. Private information is not included in your credit report. Some examples of information not to be included on your credit report are items such as your race, religion, medical history, bankruptcies more than 7 years old, and other items considered personal information.

Under the FCRA, there are certain things that your credit report can include. This includes your identifying information, employment and wage information, late payments reported by creditors, public record information, and overdrawn accounts reported by banks. It can also include delinquent child support payments and debts being collected via collection agencies.

The most important thing to keep in mind about the FCRA is that it was developed to protect you. Know what's on your credit report, and make sure that the information is accurate.

FCRA Contact Information

The FCRA gives several different federal agencies authority to enforce the FCRA.