The FCRA was enacted in , and it has been amended several times in the with a legitimate purpose for it and to achieve maximum possible and the volume of private litigation, the Staff Summary is not intended to. The Fair Credit Reporting Act (FCRA) is United States federal legislation that promotes The consumer has the right to know what is in his file. is a United States federal regulatory agency designed to monitor and prevent anticompetitive . The Fair Credit Reporting Act (FCRA) is a federal law that details how consumer credit information can Know Your Rights Under the Fair Credit Reporting Act.
Fair Credit Reporting Act - Wikipedia
You must be told if information in your credit file has been used against you. For example, if someone uses your credit report to deny your application for a loan, insurance, or employment, they must tell you. They also must give you the name, address, and phone number of the credit reporting agency that provided the information.
You have the right to know what is in your file. You are entitled to request and obtain all the information about in the files of a consumer reporting agency by providing proper identification. You may be entitled to free disclosure in many circumstances.
- Consumers Are Entitled to Protections Under the Fair Credit Reporting Act
This includes one free disclosure every year upon request. You have the right to request a credit score from the credit bureaus.
These scores are generally not provided free of charge unless you are purchasing a home or car. You have the right to dispute any information that is incomplete or inaccurate in your file.
Disputes should be reported to the consumer reporting agency. The agency must then investigate, unless the dispute is frivolous. Actual or statutory damages; Attorney's fees; Court costs; and, Punitive damages if the violation was willful. Users of consumer reports[ edit ] Users of the information for creditinsuranceor employment purposes including background checks have the following responsibilities under the FCRA: Users can only obtain consumer reports for permissible purposes under the FCRA; Users must notify the consumer when an adverse action is taken on the basis of such reports; and, Users must identify the company that provided the report, so that the accuracy and completeness of the report may be verified or contested by the consumer.
Employment background checks[ edit ] Employers using consumer reports to screen job applicants or employees must follow specific procedures: Get your written permission; Tell you how they want to use your credit report; Not misuse your information; Give you a copy of your credit report if the employer decides not to hire or fires you; and, Give you an opportunity to dispute the information contained within your credit report before making a final adverse decision.
Typically, these are creditorswith which a consumer has some sort of credit agreement such as credit card companies, auto finance companies and mortgage banking institutions.
Other examples of information furnishers are collection agencies third-party collectorsstate or municipal courts reporting a judgment of some kind, past and present employers and bonders. Lenders have an important role to play in ensuring credit reports are accurate.
Under the FCRA, creditors who furnish information about consumers to consumer reporting agencies must: This notice doesn't have to be sent as a separate notice, but may be placed on a consumer's monthly statement. If sent as part as the monthly statement, it needs to be conspicuous, but need not be in bold type.Fair Credit Reporting Act -- Meets FCRA? -- Credit Repair
Notice before negative information is reported: We may report information about your account to credit bureaus.