Free Credit Repair & FCRA Violations Help

The Fair Credit Reporting Act (FCRA) is a federal law in the United States that regulates the collection, dissemination, and use of consumer credit information. Enacted in 1970, the FCRA was designed to protect consumers’ privacy and ensure the accuracy of information in credit reports. The law is enforced by the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB).

Here are some key provisions of the Fair Credit Reporting Act:

1. Access to Credit Reports:

   • Consumers have the right to obtain a copy of their credit report from each of the three major credit reporting agencies (Equifax, Experian, and TransUnion) once every 12 months.

2. Accuracy of Information:

   • Consumer reporting agencies must take reasonable measures to ensure the accuracy of information in credit reports.
   • Consumers have the right to dispute inaccurate information and have it corrected.

3. Consumer Consent:

   • Generally, consumer reporting agencies require the consumer’s consent to disclose credit reports to employers, landlords, and creditors.

4. Adverse Action Notices:

   • When an adverse action is taken based on information in a credit report (e.g., denial of credit), the consumer must be notified and provided with information about their rights under the FCRA.

5. Security Freezes and Fraud Alerts:

   • Consumers can place security freezes on their credit reports to restrict access.
   • Fraud alerts can be added to notify creditors to take extra steps to verify the identity of someone applying for credit.

6. Limitation on Reporting Negative Information:

   • Some negative information, such as late payments, bankruptcies, and judgments, has a limited reporting period (usually seven years).

7. Limits on Prescreened Offers of Credit:

   • Consumers have the right to opt-out of prescreened credit offers.

8. Disclosures to Employers:

   • If an employer uses a consumer report for employment purposes, they must obtain the consumer’s consent and provide certain disclosures.

9. Rights of Identity Victims:

   • Special provisions exist for victims of identity theft, including the right to block fraudulent information from appearing on their credit reports.

10. Enforcement:

    • Violations of the FCRA can result in legal action, and consumers may be entitled to damages.

It’s important to note that the FCRA is a complex law, and its interpretation may change over the years. If you have specific concerns or questions regarding your rights under the FCRA, it is advisable to consult with our award winning credit staff now by calling us or filling out the adjacent contact form.