Credit Reporting

A credit reporting act was established to protect the rights and privacy of all consumers. Since your credit report is a direct reflection of you, its accuracy is crucial in keeping the system straight. This legislature allows you to act on any situation you feel is unjust.

Your Rights in Regard to Credit Reporting

If you've ever been denied credit, it is your right by the FCRA to find out which CRA provided the information that was used to deny your application. You can then go to this CRA and request a free copy of your full credit report. This is your legal right.

Secondly, the Fair Credit Reporting Act insists that you can access your complete history at any time. Within this report you can find out who has requested your information and who if any, has taken your information and used it against you. To access this document there is a fee, unless you have been denied credit due to the reporting of a CRA.

Accuracy Disputes

At one point or another you've all received a credit report and stared in awe at the list of open accounts. Many of those accounts you haven't used in years and a few you are certain have been closed. According to the FCRA, you can contest any information within your report if you feel it is inaccurate. Following this dispute you are then entitled to a complimentary copy of your report after the situation has been cleared up.