If you said yes, well then take a minute and pat yourself on the back as many consumers don’t really know what the Fair Credit Reporting Act (FCRA) is let alone what rights they have under this piece of legislation. Wait, don’t go! This isn’t going to be a boring piece on what the law is, oh no, this brief article is just going to touch on the some of the important rights that you have under the Fair Credit Reporting Act so that YOU become a just a bit more educated in regards to your credit information. Ok? Good. Now let’s get into it shall we?

First let’s address the things you already know in regards to your credit information.

Almost everything about your payment history with your creditors is recorded in a file at one of the three main credit reporting companies, Equifax, Experian and TransUnion. These files are maintained and sold by these credit bureaus. Anytime you apply for a credit card, store charge, a personal loan, auto loan, insurance and even a job, information gets put into your file. Wait. There’s more! Your report also contains information on your income, your debts, if you’ve ever been sued, filed for bankruptcy or arrested.

The Fair Credit Reporting Act is designed to ensure that the credit reporting companies furnish complete and accurate information to businesses, lenders and credit card companies that you might be applying to for loans. And this is where your rights come in. Since there is so much information that is reported on you and added to your file, mistakes can happen. And these mistakes if not corrected can be costly. This is why you have the right to know what’s contained in your credit report.

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An amendment to the Fair Credit Reporting Act that went into law in 2003, now gives you the right to request your credit report every 12 months. By law, the report has to be complete will all your credit and personal information up to the time that you requested it.

You also have the right to remain silent. Oops, wrong article! Ok ok ok, just a bit of humor to lighten things up.

Another one of your rights is that you are entitled to know the name of any individual or company who received your credit report for most purposes such as loans and credit card applications for the last 12 months. This is extended to 2 years for anyone who received your credit report in regards to employment.

One of your key rights under the Fair Credit Reporting Act is that you now have the right to dispute inaccurate information that is contained in your credit report. Under the law, both the credit reporting company and the company that furnished the information must investigate the dispute.

In order to fully take advantage of the Fair Credit Reporting Act, you need to order your free credit reports and start reviewing the information that is contained in them. It’s easy to do and it should become a regular habit to insure your financial well being.

Click on the button below and get your credit check report with free scores and start monitoring your credit!

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