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Fair Credit Reporting Act (FCRA)

The FCRA promotes the accuracy and privacy of any information used in consumer reports, ensuring that consumer reporting agencies (CRAs) and credit bureaus furnish complete, correct information to other businesses for use in evaluating your credit application.

The FCRA states that:

For a small fee, consumers have a right to receive a copy of their credit report, which must include all of the information that is contained in your file at the time that you request your copy.

Consumers have the right to learn the name of any company or person who has received a copy of their credit report in the last year, or in the last two years for employment purposes.

If any company denies a consumer's application based on information given by a consumer reporting agency, they must supply the name and address of the CRA they contacted.

Consumers have a right to receive a free copy of their credit report if any application is denied based on information supplied by the CRA. However, the request for a free copy must be made within 60 days of receiving a denial notice.

Consumers can file a dispute with the CRA and the company that provided the information for the CRA whenever the accuracy of information in a credit report is contested. The CRA and the furnisher of information are both legally obligated to reinvestigate the dispute.

Consumers have the right to add a summary explanation to their credit report whenever a dispute is not resolved to their satisfaction.

Outdated information cannot be reported. Seven years is the reporting limit for most negative information. Bankruptcies are reported for ten years.

Only businesses with a legitimate need to review a consumer's file are entitled to access individual credit reports. Employer inquiries and reports that contain medical information require specific consumer consent.

Consumers have the right to exclude their names from CRA lists used for unsolicited credit and insurance offers.

Amendments to the Act in recent years expand consumer rights and place additional restrictions on CRAs and businesses that utilize consumer reports. Consumers may also have additional rights under individual state laws.

For further information regarding this law and other consumer rights, visit the Federal Trade Commission's web site at www.ftc.gov.

Related Article: Equal Credit Opportunity Act (ECOA) >>

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