What is the Fair Credit Reporting Act (FCRA)?
- Credit reporting agencies have to provide consumers with any information in their credit file upon request once a year.
- It limits who can have access to your file – this includes banks, insurance companies, landlords, employers or others doing business that involves providing credit.
- If any inaccurate information is found in your file, then the consumer reporting agency must look at the disputed information and remove it if it cannot be verified.
- Negative information must be removed from your file after seven years, except for bankruptcy, which can remain on record for up to ten years.
- Provide you with information about your credit scores.
- Consumers can choose to opt out from unsolicited offers for credit or insurance.
What rights do consumers have under the FCRA?
The FCRA is a federal law that regulates credit reporting agencies, like Experian, Equifax, and TransUnion and helps govern how credit information can be obtained, how long it can be kept for, and how it will be shared with others. This piece of legislation intends to protect consumers from bad information being used against them and it provides specific guidelines on the methods that credit reporting agencies can use to collect and verify information as well as how and to whom they can release it to.
Give us a call at 866-380-3131 for help with your consumer litigation concerns.
Who is in charge of regulating and enforcing the FCRA?
The Federal Trade Commission and the Consumer Financial Protection Bureau are the main agencies in charge of overseeing and enforcing this law. As a consumer, you have the right to sue a credit reporting agency for not properly investigating a dispute as well as those who access your credit report without permission – like debt collectors.
Contact us today for a no-obligation case review.
At Gale, Angelo, Johnson & Pruett P.C., our attorneys represent consumers throughout Northern California with many consumer rights issues concerning credit report errors.
Protecting your consumer rights and resolving errors on your credit report.
Most consumers, just like yourself, know how important your credit score and having good credit is to your financial wellbeing. Let us be honest, today you cannot even obtain a cell phone without decent credit.