Knowlopedia
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You have the right to know what is in your credit report. That’s why you should be aware of the Fair Credit Reporting Act (FCRA). This federal law is designed to protect consumers from inaccurate reporting, identity theft, and other abuses related to credit reports.
The FCRA sets out specific rules that govern how consumer credit reports are used by creditors, employers and other organizations when making decisions about you. It also gives you rights regarding how you can access and dispute any information contained in your report.
When it comes to understanding your rights related to credit reporting, there are a few key points for you keep in mind:
1) You Have The Right To Free Copies Of Your Credit Report: Under the FCRA, each of the three major national consumer reporting agencies (Equifax, Experian & TransUnion) must provide one free copy of your credit report every 12 months upon request or if there has been an “adverse action” taken against you based on information found in these reports – such as being denied a loan or employment opportunity due to negative items on your report.
2) You Have The Right To Dispute Inaccuracies In Your Report: If any errors show up on one of these reports – such as an incorrect address or date listed for a delinquency – then under FCRA regulations consumers have a right not only obtain free copies but also dispute this false information with their respective agency who should investigate promptly & remove/correct it if necessary within 30-45 days after receiving notice from them that they received & accepted a valid dispute claim from yourself or another party involved with said account(s).
3) You Have The Right To Opt Out Of Unwanted Offers And Prescreened Lists Based On Information Found In These Reports: If companies send unsolicited offers based on pre-screening using data sourced directly from one's personal profile found within their respective file(s), then consumers may opt out of such solicitations at anytime without penalty by simply going online visiting their webpage.
The FCRA sets out specific rules that govern how consumer credit reports are used by creditors, employers and other organizations when making decisions about you. It also gives you rights regarding how you can access and dispute any information contained in your report.
When it comes to understanding your rights related to credit reporting, there are a few key points for you keep in mind:
1) You Have The Right To Free Copies Of Your Credit Report: Under the FCRA, each of the three major national consumer reporting agencies (Equifax, Experian & TransUnion) must provide one free copy of your credit report every 12 months upon request or if there has been an “adverse action” taken against you based on information found in these reports – such as being denied a loan or employment opportunity due to negative items on your report.
2) You Have The Right To Dispute Inaccuracies In Your Report: If any errors show up on one of these reports – such as an incorrect address or date listed for a delinquency – then under FCRA regulations consumers have a right not only obtain free copies but also dispute this false information with their respective agency who should investigate promptly & remove/correct it if necessary within 30-45 days after receiving notice from them that they received & accepted a valid dispute claim from yourself or another party involved with said account(s).
3) You Have The Right To Opt Out Of Unwanted Offers And Prescreened Lists Based On Information Found In These Reports: If companies send unsolicited offers based on pre-screening using data sourced directly from one's personal profile found within their respective file(s), then consumers may opt out of such solicitations at anytime without penalty by simply going online visiting their webpage.
