The Fair Credit Reporting Act (FCRA) and the Fair and Accurate Credit Transaction Act (FACT) are federal laws that protect you by regulating how consumer credit reports can be used and obtained. You have important rights because of the FCRA and FACT.
You have the right to know exactly what is in your credit file and what is being reported on you. But only if you ask for it! Don’t say you don’t want to see it. You need to know what is being reported on you, good or bad!
The law gives you the following rights:
• You have the right to obtain a free copy of your credit report at www.annualcreditreport.com from all three credit bureaus.
• You have the right to a free copy of your credit report within sixty days of being denied credit.
• You have the right to know the name and address of the credit bureau responsible for preparing the credit report used to deny you credit, insurance, or employment, or to increase the cost of your insurance or credit.
• You have the right to a free copy of your report if you are unemployed, a recipient of public welfare assistance, or believe you have been the victim of fraud.
• You have the right to understand your credit report.
• You have the right to a complete and accurate credit report.
• You have the right to dispute information on your credit report. The credit bureau must investigate your dispute within thirty days.
• You have the right to dispute any information on your credit report that is not true and accurate.
• You have the right to have all incorrect information deleted from your credit report.
• You have the right to have all information that cannot be verified deleted from your credit report.
• You have the right to have all those who received incorrect information notified at no cost to you.
• You have the right to a fresh start, and to have all negative credit deleted from your file
after seven years.
• You have the right to have a Chapter 7 bankruptcy deleted from your file after 10 years and a Chapter 13 after 7 years.
• You have the right to know the nature, substance, and sources of the information
in your credit file.
• You have the right to know who received your credit report in the last six months for
• You have the right to inform the credit-reporting agency that it may not supply information about
you to your employer or a prospective employer without your consent
• You have the right to know who has seen your credit report in the last two years for employment purposes.
• You have the right to review your credit file in person and to have an attorney, family, or friend with you.
• You have the right to tell your side of the story and include a one-hundred-word consumer
statement regarding any dispute as a permanent part of your credit report.
GOOD CREDIT QUICK TIP: A good credit rating is your household’s most valuable
asset. Without a good credit rating you will pay more for all your products and services. Such as, housing, automobiles, insurance, utilities, furniture and appliances, telecommunications, etc.