What is a Credit Report and FCRA?
A credit report is where all your personal and financial information is held. A creditor can look at your credit report and gain information about you personally and professionally. It shows your bill paying habits, spending habits, credit history and other important information. This information is used by the creditor to determine if they should extend credit to you or not. The credit reports are created by the credit bureaus and agencies and each time you make a payment or miss a payment the creditor notifies the bureau.
The Fair Credit Reporting Act is a federal law which regulates information from the credit reporting companies. This law ensures that your credit report contains only accurate and fair reports of your credit. If you feel that your information is incorrect you have the right to view and then dispute any inaccuracies that are on your report. The law benefits the individuals due to the process of the credit reporting agency then having to prove that the entries they have made are in fact accurate and fair.
The information on your credit report can be viewed by creditors, employers and anyone else you have given permission to.
The purpose of the Fair Credit Reporting Act is to ensure the accuracy of any reporting from the agencies, creditors and any other source.
If you are denied credit for any reason you have the right to request a copy of your report within 60 days and an explanation of why you were turned down. If you feel there is any inaccuracies, you then have the right to dispute the findings.
Your medical and other private information is never given out to anyone who requests a copy of your credit report. If you do not wish to be visible on the credit reporting agencies, you can request to be removed, but once you are removed you will not be able to be placed back on for at least two years.
How Do I Contact The Credit Reporting Agencies?
There are three primary credit reporting agencies; Equifax, Trans Union and Experian, each have their own website where you can visit and find the mailing address for the agency and even view your report online and dispute directly from the privacy of your own home. For more information about your credit report and how to file a dispute or grievance with the reporting agencies, contact 312-273-1217 today!