Understanding Your Credit Reporting Rights

In an era where more and more people are facing credit problems

, debt collectors are baying for blood. Unfortunately, the majority of consumers are unaware of their rights, how they are protected by legislation, and how they can exercise these rights if a situation arises.

A suitable starting point for people looking to educate themselves about their rights is the Fair Credit Reporting Act, or the FCRA. The FCRA was enacted in order to protect the privacy of consumers as well as in an attempt to promote fair play and reduce corruption within the credit market on behalf of the consumer. It has been law since 1970 and is enforced by the Federal Trade Commission. Private litigants can also use the law.

In order to understand what the FCRA is protecting, you should first know who has access to your financial and credit reports. Those who can view your credit report are potential creditors, landlords, insurance companies, employers, and - sometimes - governmental agencies. Your credit report will show both the negative and the positive aspects of your credit history and are held by regulated Credit Reporting Agencies.

The most basic right afforded to you by the FRCA is your right to request a viewing or transcript of your credit report at any time. All of your latest information must be present whenever you request a report.

More importantly, you have the right to request a list of people who have viewed your credit report, although there are certain restrictions. You can see the employers who have viewed your credit report in the last two years and for most other purposes you can view the people who have viewed your credit report in the past year.

If a company denies an application based on the content in your credit report then they must provide the name of the credit bureau that provided the report. Moreover, you are entitled to a free credit report in these instances. The only thing to watch out for is that you have to request the copy of your credit report within 60 days of the initial denial.

If you are having any issues with your credit report, or the credit bureau itself, then you can file a dispute against the credit bureau and they are legally obliged to investigate the issue. In addition, if the outcome is not to your satisfaction then you are free to add a summary explanation to your credit report.

If a creditor or a credit reporting agency violates the law, you have the right to sue them in federal court. A fair credit attorney can help you do so.

by: Sergei Lemberg

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