Are Credit Report Errors Costing You Money? If your credit report isn’t completely accurate, credit report could be costing you thousands of dollars in lost credit and employment opportunities. The Fair Credit Reporting Act(FCRA) protects your right to an accurate credit report and regulates the information collected by consumer reporting agencies. In addition, it requires that the information supplied to consumer reporting agencies is accurate. The FCRA also give a consumer the right to learn about the information contained in a consumer report.
Who Is Regulated by the FCRA?
The FCRA applies to credit report errors made by consumer reporting agencies, for example Transunion, Equifax, and Experian. It also applies to companies furnishing information to credit reporting agencies and the users of a consumer report, such as a lender making a credit decision.
When Does The FCRA Apply?
The FCRA applies when a consumer reporting agency collects information, a creditor provides information to the consumer reporting agency, or a creditor uses a consumer report to make a credit decision.
- If a consumer applies for credit and is denied and that creditor used a consumer report in making that decision, the creditor must provide a notice to the consumer stating that the creditor used a consumer report in its decision and give the consumer the opportunity to request the consumer report from the consumer reporting agency.
- If a company reports incorrect information about a consumer to a consumer reporting agency, the consumer has the right to dispute the information with the consumer reporting agency.
- If a credit card company sends a consumer a “pre-approved” credit card solicitation, the solicitation must include a firm offer of credit, meaning that the offer included in the solicitation must be the credit the consumer will receive if she accepts the offer.
- If a consumer is a victim of identity theft, the consumer can request that any debts incurred as a result of that identity theft be blocked from a
You can get a FREE credit report at www.AnnualCreditReport.com. and review it for any credit report problems. If there is anything on it that you think shouldn’t be there, call us for free help.
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