Note: this article paraphrases the nature of this law. For the complete law itself, go to the Federal Trade Commission website.
The Fair Credit Reporting Act is designed to help ensure that Credit Reporting Agency’s furnish correct and complete information to businesses to use when evaluating your application
- You have the right to receive a copy of your credit report.
- The copy of your report must contain all of the information in your file at the time of your request.
You have the right to know the name of anyone who received your credit report in the last year for most purposes or in the last two years for employment purposes.
- If you are denied credit, you are entitled to a free copy report (This should no longer happen once you are an informed consumer)
- When you contest the completeness or accuracy of information in your report you should file a dispute with the Credit Reporting Agency and/or company that furnished the information to the Credit Bureau.
- Both the CRA and the Company that reported the information are legally obligated to reinvestigate your dispute.
You have the right to add a summary explanation to your credit report if your dispute is not resolved to your satisfaction.