The Fair Credit Reporting Act (FCRA) is a federal law that governs how
consumer reporting agencies are allowed to manage consumer information.
The law helps create accurate and fair credit reports that are kept private
for all but approved purposes.
In general, the FRCA applies to credit bureaus like Experian, Transunion,
and Equifax as well as services that provide information like medical
histories or background checks. Under this law, you as a consumer have
the following rights:
Right to Know What Is In Your File
First, you have the right to know what is in your credit report or background
check. This includes the right to know your credit score. The main credit
bureaus are required to provide access to this information from consumers
on at least an annual basis. If you want to review your credit report
for free, visit
Right to Know When Information Is Used Against You
If a person or entity declines to lend you credit or takes a negative employment
action against you, you have the right to know what information was used
in that decision. For example, if you were denied credit due to a bankruptcy
in your credit history, the company that denied your application will
need to send you notice of that fact.
Right of Limited Access
The FCRA gives consumers the right to keep credit information private except
in certain circumstances. The FCRA only allows credit bureaus to release
your credit information to people with a valid need to know that information,
like the company extending credit, a landlord, or an employer. However,
employers may only review your credit information if you grant the company
permission. An employer cannot review your credit report without your consent.
Right to Dispute Information
Finally, the FCRA gives you the right to dispute any information which
is inaccurate, incomplete, or unverifiable. If you write to a credit bureau
and consumers to dispute make a dispute, the company must investigate
your complaint in a timely matter and remove any information which cannot
Damages for Violations
If a creditor or a credit bureau violates the rules of the FCRA, you are
allowed to seek damages. Usually, this means filing a lawsuit in state
or federal court. Depending on the violation, both the credit bureau and
the debt owner may share liability.
If you are having problems removing inaccurate information on your credit
report, or need help defending yourself from aggressive debt collection
harassment, contact Loan Lawyers today. Our experienced South Florida
debt defense attorneys will help you get your finances back on track and
put a stop to illegal debt collection abuses.
To schedule a free consultation, contact Loan Lawyers today by calling
(888) FIGHT-13 (344-4813).