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Credit Report - Do You Know Your Rights?
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Credit Report  -  Do You Know Your Rights?

The Fair Credit Report Act is designed to ensure that the Credit Reporting Agencies and creditors a guideline to follow in reporting our individual credit history.

Here a summarized your Rights under The Fair Credit Reporting Act (FCRA).

You have the right for a free credit report every year. The three nationwide consumer reporting companies have set up on central web site, toll-free telephone number, and mailing address thought which you can order your free annual report.

It’s your right to a free credit report anyone that denied credit based on information in a credit report file, the lender which denied your credit need to explain where they obtained the credit report and how you may obtain a copy free of charge if you request within 60 days after receiving the denial letter.

It’s your right to a free credit report if you are unemployed and seeking for work; on public assistant and/or you have been the victim of credit fraud or identity theft.

Offer you with clear guidelines on how to opt-out of information sharing between associated companies for promotion purposes and how to stop companies from sending unsolicited offers of credit.

Make certain that you are notified if creditors are going to report negative information to the credit reporting agencies about you.

As of November 1, 2007 all consumers may freeze their credit files, whether or not they have been the victim of credit or identity theft. This is result of a new policy instituted by the major Credit Reporting Agencies.

Some thief can still get a driver’s license in your name or maybe a cell phone, but they won’t be able to get a new credit, if the files are frozen.

You will be able to block information from being given to a credit reporting agency and from being reported by a credit bureau if such information results from identity theft. In addition no debt may be turned over to a collection agency if it’s resulting from identity theft.

Special provisions protect active duty military personnel, by allowing them to place “Active Duty Alerts” on their credit files, so creditors will know they have been deployed overseas and are not shopping locally.

No printing more than the last five digits of a payment card on electronic receipts.

Lenders must also provide written notice to you if the terms of credit are higher than the prevailing market interest rates.

Credit Reports have very important information about you. They contain your social security number, date of birth, current and previous addresses, telephone number even the unlisted phone numbers, credit payment status, legal information, etc.

Ordering your credit report once a year and and checking your credit reports regularly to be sure they are accurate and error-free is among the most important steps you can take to safeguard your privacy. The Fair Credit Reporting Act (FCRA) restricts who have access to your credit information and what uses can be made of it.


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