Part 10:
As part of series of articles (blogs)
regarding Credit and Credit Score, here we
go:
What Law Credit Bureaus Work Under?
Credit bureaus are operating under the Fair
Credit Reporting Act (FCRA) federal law. The
FCRA gives consumers the right to an accurate
credit report. If you find errors in your credit
report, you're allowed to dispute these errors
with the credit bureaus. The credit bureau is
then required to do an investigation and correct
the errors when necessary.
Source:
http://www.yale.edu/hronline/careers/screening/documents/FairCreditReportingAct.pdf
The federal Fair
Credit Reporting Act (FCRA) promotes the
accuracy, fairness and privacy of information in
the files of consumer reporting agencies. 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.
·
You must be told if information in your file has
been used against you.
·
You have the right to know what is in your file
·
You have the right to ask for a credit score.
·
You have the right to dispute incomplete or
inaccurate information
·
Consumer reporting agencies must correct or
delete inaccurate, incomplete or unverifiable
information
·
Consumer reporting agencies may not report
outdated negative information
·
Access to your file is limited
·
You must give your consent for reports to be
provided to employers
·
You may limit “prescreened” offers of credit and
insurance you get based on information in your
credit report
·
You may seek damages from violators
·
Identity theft victims and active duty military
personnel have additional rights
For more
information, including information about
additional rights, go to
www.ftc.gov/credit
or
see
Appendix A1
“The Fair
Credit Reporting Act (FCRA)” of
Credit Score Tips and Tricks book.
States may
enforce the FCRA, and many states have their own
consumer reporting laws. In some cases, you may
have more rights under state law. For more
information, contact your state or local
consumer protection agency or your state
Attorney General.
HOW to overcome the problems with your credit
history and credit score?
Knowledge, education, awareness, practice and
discipline are the essential keys to being
successful on any subject. The book,
"Credit Score Tips and Tricks",
provides you information, tools, techniques to
educate yourself and manage your credit report &
credit score, and therefore manage your finances
effectively at no additional cost.
I have decided to bring and share with you,
chapters or sections of the book,
Credit Score Tips and Tricks,
as series of
articles here. This is the number
10 of such a
series.
I also created and manage a GROUP in ActiveRain,
Credit Reports and Credit Scores, Please
feel free to join and share your thoughts and
experiences.
