Newsletter
The Fair Credit Reporting Act
While figuring out your finances and determining your credit status you
may have come across some details of the Fair Credit Reporting Act. The
FCRA is a federal law that gives certain rights to consumers when it comes
to their credit reports and scores. The following will list and explain
some of your rights.
The FCRA allows you to a copy of your credit report. You can receive one
free report from each reporting agency each year. You can go online and
request your yearly free credit report at www.annualcreditreport.com,
this is the official website to get your free credit report. This does
not include your score.
There are many sites that claim free reports but they will still charge
you or sign you up for a different program that charges you monthly.
You have 60 days to request a free credit report if you are denied credit
for any reason. You may also request a credit report if you are unemployed
and will be looking for work within 60 days.
At anytime you may receive a complete copy of your credit report that
includes your score if you are willing to pay a reasonable fee.
Under the FCRA you have the right to dispute any inaccuracies that you
find on your credit report. Credit reporting agencies are obligated to
investigate any inaccurate claim made by you with accompanying evidence.
You must provide proof of the mistakes and allow the reporting agency
to review your file. They then must provide you with their written results
of the review within 30 days of the dispute. The report will include any
changes to your report as well as a copy of your credit report. If you
are still not satisfied with the results you can request that the particular
item has been disputed and then it will be included in your credit report.
If the information is found to be indeed incorrect then the credit reporting
agency must correct or delete the mistake from your file within 30 days
after you dispute the item. If a credit agency cannot verify the disputed
item after the 30 days then they must delete the information. If it is
verified later however, they may reinstate the information if they give
you written notice that they have done so.
You can request who does and does not have access to your credit report.
An employer needs your written consent before they can obtain information
from your credit report.
You can also request that your name be removed from creditor’s lists.
This will prevent you from receiving countless amounts of credit card
offers. Any unsolicited offers you receive must provide detailed instructions
on how to contact them to remove you from their mailing list. You can
also call the national credit bureaus toll-free number, 1-888-567-8688,
to be removed from all pre-approved credit card offers. You can also go
online or write to each credit bureau.
If you feel that any of your rights under the FCRA have been violated
then you have the right to go to state or federal court. To find more
details or report a complaint you will want to contact the FTC or your
state’s attorney general. Anytime you choose to proceed to court
you are taking a risk that can cost you a lot of money. It is important
to get as much information as you can and consult with a professional
to review the strength of your case.
Sometimes as consumers we may feel like our backs are against the wall,
but you should take faith that there are laws out there protecting us
and giving us financial rights. It is important to familiarize yourself
with them so you may avoid being taken advantage of and are able to handle
any discrepancies that you may encounter.
This article is just an introduction and you may want to further investigate
other rights you have as an American consumer.
Resources
www.fair-credit-reporting.com - More information and links about the FCRA.
www.optoutprescreen.com - Website where you can remove your information
from unsolicited credit offers.
Optout toll-free # - 1-888-5-OPTOUT (1-888-567-8688)
www.annualcreditreport.com - The official website to request your free
credit report.
www.ftc.org - Provides detailed information on FCRA and legal resources
to assist you.
Pioneer Credit Counseling is a bonded, non-profit credit counseling agency offering debt management programs, financial counseling, bankruptcy counseling and housing counseling nationwide. Call our friendly counselors today at 800-888-1596 or visit www.pioneercredit.com.
Our accredited credit counselors will help you take control of your financial life and get out of debt faster than you can on your own. We offer a debt management program that will stop the collections calls, lower your monthly payment and provide you peace of mind. Our pre and post bankruptcy counselors provide an easy process for you so you can focus on rebuilding your financial being.
It is our policy at Pioneer Credit Counseling not only to help people get out of debt, but also educate in sound budgeting practices.
Pioneer Credit Counseling can help you get out of debt faster. Find out how through one of our Debt Management | Debt Management Programs | Credit Counseling | Financial Counseling | Housing Counseling | Bankruptcy Counseling | Financial Educational Materials
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