Do you need credit to purchase a new car? Maybe you need to pay off medical bills or want to buy a home. Whatever the reason, most of us need credit at some point in our lives. When that time comes, you can’t help but be wary of lenders – which ones can you trust?
Without proper regulations, credit agencies could do what they please without thinking in the best interest of borrowers. That is why the government stepped in with FCRA regulations to protect us. However, be on guard for those who don’t follow the rules.
What is the FCRA? A Quick Overview
The Fair Credit Reporting Act was placed to protect you and your credit report. If you’re not sure what your credit report is, it’s simpler than you think. A credit report is a collection of information about you, held on a system that allows creditors to assess your value and risk.
Basically, if you have a good score and good history, you get more credit.
The FCRA makes sure the details found on your individual credit report are accurate, fair, and private. Who’s looking at your credit report? Mostly credit agencies, bureaus, and other specialty agencies view your report. They are looking for information to help them assess your creditworthiness.
Your Basic Rights
You have a collection of rights, which are handy to know in case they are violated. Keep this list on hand.
The Ability to Obtain Your Credit Report
You have the right to a free copy of your credit report annually. It is up to you to request this.
Only those who need your information for credit or employment-related purposes have the ability to access your details.
If inaccuracies are found on your report, you have the right to request the information be examined further. For example, an outstanding balance or default on your report is wrong or inaccurate. In this situation, the details are investigated. If the details cannot be verified by the agency, for example, , then it gets wiped.
Removal of Outdated Details
After 7 years, information making you look unreliable can be removed. This may include defaults or court summons. Unfortunately, bankruptcies can remain for up to 10 years.
Privacy of Medical Information
Your medical information won’t be accessible on your report. Your privacy is important, and it won’t be invaded in any way.
Sick of receiving endless credit offers? Have your name removed from unsolicited offers by calling 888-567-8688.
Privacy of Personal Account Numbers
Your social security number will be shortened on reports, and businesses are not allowed to print your entire credit card numbers on receipts.
Proper Notification of Negative Information
If you receive a default on your credit file, you will be notified; usually on a billing statement.
The Ability to Seek Monetary Damages
If companies ignore new policies and procedures, you can sue for damages.
Notification When Credit Report is used for Denial
When a credit line, job application, insurance, or other item is denied to you due to the status of your credit report, you have every right to know.
Knowledge of Credit Score
You have the right to be informed of your unique credit score from all credit bureaus at any time. Be warned, though, there may be a fee!
Have Your FCRA Rights Been Violated?
It’s no secret that the world of credit scoring can be head-scratching at times. Make sure you know your rights, so you don’t get taken advantage of. Poor credit makes life a lot harder, and you don’t want to suffer. If you need help, there are professional credit repair specialists to assist you. Call us today, and we will ensure your rights have not been violated.