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Fair Credit Reporting
Act
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Do you know what’s in your credit report? Under the terms of the Fair
Credit Reporting Act (FCRA), you have every right to know exactly what
credit reporting agencies are saying about you. That’s only one of the
rights that the FCRA guarantees you – and every consumer.
The FCRA is meant to ensure accuracy and privacy of your credit report
or consumer history. Businesses that use credit histories to determine
whether to lend you money or offer you credit are bound to follow guidelines
that are set out by the FCRA. In addition, any agency that collects
debts must also follow certain guidelines that are set out by the law.
The provisions of the FCRA detail how long particular financial information
may be retained on your report, specify ways for you to make corrections
to information that is in your credit history, guarantee your right
to see your credit report, and give you rights when dealing with creditors.
What specifically are these guidelines and how can they help you if
a credit agency is reporting unfair or misleading information about
your credit history?
1) You have a right to see your credit report.
If you have been turned down for credit, housing or employment based
on information provided by a credit reporting agency, you have a right
to know which agency provided the report. Upon your request, the creditor
must give you the name and address of the credit reporting agency that
they used. Further, the credit reporting agency must provide you with
your credit report upon your written request for it, and they must do
so for no more than the cost of copying and postage.
2) You have the right to correct your credit report.
If the credit report you receive contains inaccuracies – for instance,
a paid or settled debt is still listed as unpaid – you have the right
to request that it be corrected with the accurate information. The request
must be made in writing, and the credit reporting agency to whom you
make the request must investigate it within 30 days of their receipt.
3) You have the right to receive a corrected copy of the report at no
additional charge (beyond postage or copying costs).
You may make a written request to have a corrected copy of your credit
report sent to you, or to any agency that has requested your credit
report in the past six months for credit purposes, or in the past two
years for employment purposes.
4) You have the right to fair collection practices.
If a creditor is trying to collect a debt from you, they must follow
guidelines designed to prevent harassment. Among those guidelines are:
1. They may not call you outside certain prescribed hours.
2. They may not disclose information about you to any third party without
your permission. This includes the fact that they are attempting to
collect a debt.
3. They may not attempt to contact you at work without your specific
permission.
4. They may not use false or misleading statements to extract information
or payments.
5. They must honor a written request to cease further contact with you.
In a world where your credit report is often your ticket to a better-paying
job, housing, credit and many other things, it’s important to know what
credit agencies are reporting about you. Most consumer protection agencies
strongly recommend that you request and carefully read your credit report
every 2-3 years so that you can correct any inaccuracies, or request
that reports of special circumstances be attached to the report. It’s
a small chore that could save you a lot in the long run.
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with credit and mortgages; visit
Credit
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