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Utilizing the Fair Credit Reporting Act

On Behalf of | May 22, 2018 | Consumer Protection

Experts say that one in three American consumers have never checked their credit report.  Considering the prevalence of the use of credit in our society, this number is quite astounding.  Are you one of the consumers who have never looked at your report to make sure that the reporting is accurate?

Your Rights Under the Fair Credit Reporting Act (FCRA)

Because of the Fair Credit Reporting Act (“FCRA”) you have the right to review your report and see what your creditors are saying about you.  As the FCRA turns 48 this year, consumers continue to have rights to review their credit reports, credit scores, and financial history.

The sole purpose of the FCRA is to promote accuracy, fairness and privacy of your credit information.  If your information is inaccurate, the FCRA affords you the opportunity and right to change it.  Prior to the enactment of the FCRA, there was no way to ensure that creditors were reporting your information accurately and fairly.  The FCRA affords you rights.

Your Right to Know

Under the FCRA, you have the right to know if your credit history is being used against you.  In other words, if your information is used to deny you credit, employment or insurance, you must be made of aware of what agency was used to make the decision and what was included in your report.

Your Right to A Free Annual Credit Report

Second, under the FCRA, you have the right to obtain one free report annually from each of the three major credit reporting agencies, Experian, TransUnion, and Equifax.  You can obtain a copy of your report from

Your Right to Dispute Inaccurate Information

Third, you have the right to dispute inaccurate information.  Errors on your report do not have to remain on your file.  The FCRA affords you the right to put the credit reporting agency on notice and request it change any and all inaccurate data.

Your Right to Privacy

Fourth, credit reporting agencies cannot provide your information to just anyone.  There must be a valid reason for a creditor, insurance company or employer to access your credit file.

The sole purpose of the FCRA is to support consumer rights.  Take advantage of this right you have been afforded and familiarize yourself with your credit report and the FCRA.  Take the time to review your report regularly and utilize your rights under the FCRA when your information is inaccurate or outdated.

If you believe your rights have been violated under the FCRA and you would like the advice or assistance of counsel, contact SmithMarco P.C. for a completely free case review.