Consumer reporting agencies are required to investigate claims that there is inaccurate information, and when information is proven to be inaccurate, agencies must correct the mistake.
When fraud or identity theft has occurred, consumer reporting agencies must take steps to rectify the situation and ensure that information is accurate. Consumer reporting agencies often provide consumer names and addresses to marketers. Under the FCRA, consumers can opt-out of this information sharing and have their names removed from these marketing lists. When information has been used against a consumer, such as being used as a basis to deny employment or loan acceptance, the consumer must be notified.
Also, depending on the state, insurance companies may check your credit to determine whether to offer you coverage. The FCRA helps protect you by regulating how information in your consumer report can be used and accessed.
Here's an overview of the key aspects of the law. See a more detailed summary of the FCRA below or visit consumerfinance. Keep in mind that in addition to the FCRA laws, some states have their own laws regulating consumer credit reporting; you'll find that information below under "Notification of Rights.
Para informacion en espanol, visite www. There are many types of consumer reporting agencies, including credit bureaus and specialty agencies such as agencies that sell information about check writing histories, medical records, and rental history records. Here is a summary of your major rights under the FCRA. For more information, including information about additional rights, go to www.
You must be told if information in your file has been used against you. Anyone who uses a credit report or another type of consumer report to deny your application for credit, insurance, or employment - or to take another adverse action against you - must tell you, and must give you the name, address, and phone number of the agency that provided the information.
You have the 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 your "file disclosure".
You will be required to provide proper identification, which may include your Social Security number. In many cases, the disclosure will be free. You are entitled to a free file disclosure if:. In addition, 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.
See www. You have the right to ask for a credit score. Credit scores are numerical summaries of your creditworthiness based on information from credit bureaus. 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.
In some mortgage transactions, you will receive credit score information for free from the mortgage lender. You have the right to dispute incomplete or inaccurate information.
If you identify information in your file that is incomplete or inaccurate, and report it to the consumer reporting agency, the agency must investigate unless your dispute is frivolous. Consumer reporting agencies must correct or delete inaccurate, incomplete, or unverifiable information.
Inaccurate, incomplete or unverifiable information must be removed or corrected, usually within 30 days. However, a consumer reporting agency may continue to report information it has verified as accurate.
Consumer reporting agencies may not report outdated negative information. Thus, if they tell you that the report meets all requirements, you may still want an attorney to review the matter for you.
If you are dealing with an inaccurate credit report and want a completely free case review, contact SmithMarco, P. Larry Smith July 20, 0. Author Recent Posts. Resources prepared by other agencies that provide general information. Browse other credit reporting resources from the FTC. Skip to main content. Compliance resources Other applicable requirements.
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