An Overview Of The Fair Credit Reporting Act (FCRA)
IN DARKEST DAYS, A RAY OF HOPE
An Overview Of The Fair Credit Reporting Act (FCRA)
Copyright 2005 < a href="http://www.moneyandcreditinfo.com/">Money and Credit Info
It may not seem this way sometimes, but the law always favors the private citizen against the powerful government. This is the essence of democracy. And even if you’re having difficult times with your credit report, the law grants you inviolable rights under the Fair Credit Reporting Act (FCRA).
For example, under the terms of the FCRA, you have every right to know exactly what credit reporting agencies are saying about you. That’s but one of the many rights that the FCRA guarantees each and every consumer.
The FCRA is meant to ensure accuracy and privacy of your credit report or consumer history. Businesses that use credit histories to determine whether to lend you money or offer you credit are bound to follow guidelines that are set out by the FCRA.
Additionally, every debt collector, regardless of their reputation and stature, are under the guidelines of the FCRA. The provisions of the FCRA detail how long particular financial information may be retained on your report, specify ways for you to make corrections to information that is in your credit history, guarantee your right to see your credit report, and give you rights when dealing with creditors.
Here are the salient provisions of the FCRA that grant you incorruptible rights as a debtor.
1. You have a right to see your credit report.
You cannot be turned down for a loan without knowing the basis for such decision. There are exclusive grounds to be followed, and you have the right to see your credit report. Upon your request, the creditor must give you the name and address of the credit reporting agency that they used. Furthermore, the credit reporting agency must provide you with your credit report upon your written request for it, and they must do so for no more than the cost of copying and postage.
2. You have the right to correct your credit report.
If the credit report you receive contains inaccuracies, for instance, a non-updated debt which has already been settled, you have the right to request that it be corrected with the accurate information. The request must be made in writing, and the credit reporting agency to whom you make the request must investigate it within 30 days of their receipt.
3. You have the right to receive a corrected copy of the report at no additional charge (beyond postage or copying costs).
You may make a written request to have a corrected copy of your credit report sent to you, or to any agency that has requested your credit report in the past six months for credit purposes, or in the past two years for employment purposes.
4. You have the right to fair collection practices.
If a creditor is trying to collect a debt from you, they must follow guidelines designed to prevent harassment. Among those guidelines are:
A. They may not call you outside certain prescribed hours.
B. They may not disclose information about you to any third party without your permission. This includes the fact that they are attempting to collect a debt.
C. They may not attempt to contact you at work without your specific permission.
D. They may not use false or misleading statements to extract information or payments.
E. They must honor a written request to cease further contact with you.
In this day and age, your credit report is your key to a more fulfilling life. A better career, a better home, a better car, a better chance of securing loans… these are but a few of the things you could enjoy which are contingent on the propriety of your credit report. Most consumer protection agencies strongly recommend that you request and carefully read your credit report every 2-3 years so that you can correct any inaccuracies, or request that reports of special circumstances be attached to the report. It’s a small chore that could save you a lot in the long run.
So take good care of the integrity of your credit report. You should make good use of all the options available for you, including the strong arm of the law, or the FCRA in the case at bar.
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