Fair Credit Reporting Act
If you have credit, need credit or are trying to repair your credit you should definitely be knowledgeable in the Fair Credit Reporting Act, this law was designed to “to promote accuracy and ensure the privacy of the information used in consumer reports.”This law is extremely beneficial to consumers as the amount of identity theft and “phishing” cases are continuing to steadily rise. The act has been recently amended and the rights of consumers have been extended and there are added requirements for credit bureaus. The businesses that supply information about you also have additional requirements.
The FCRA allows consumers to access their credit reports at all times either with little or no cost. The credit bureau must report all information to you, and if you are denied credit by a company and request a copy of your report within sixty days they must provide you with the names of the credit bureaus and they must tell you the reason that you were rejected.
A new law requires that each consumer is allowed to receive one free credit report a year. The FRCA also guarantees that each consumer has the right to dispute all incorrect information on their reports. You must report it to the credit bureaus and you will usually have your issue resolved within thirty days.
This act in a nutshell guarantees that you are not treated unfairly with anything having to do with your credit, and if you feel like you have been treated unjustly you can take action, because this law does protect consumers, and is made with their best interest at heart.
Contributing National Payday Staff Writer
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