In order to protect consumer credit rights in the United States, the Fair Credit Reporting Act came into existence in 1970. This is an American federal law, and is enforced by the Federal Trade Commission. The FCRA regulates the collection, dissemination and use of consumer credit information. Under The Fair Credit Reporting Act, all consumers have a right to a free credit report in certain circumstances:
- If you have received an adverse notice i.e. you have not been given credit in the last 60 days
- If you are without employment but intend to apply for work in the 60-day period beginning on the day the certification was made
- If you are on public welfare assistance
- If you have reason to believe that your
Credit report contains some inaccurate information.
Since the credit reporting agency has your report, should you be denied credit in any of the 50 states, you could always ask to see the report to find out the reason for this. You can ask for information that is in your file. You can, and must dispute inaccurate information that may be on your file. If your report is to be provided to your employers, your written consent must be taken. Should your report contain any medical information, this is never given to creditors, insurers or employers without your permission. You may not want unsolicited credit and insurance offers.
The FCRA is a very consumer-friendly organization. All efforts are so that the consumer is not subjected to cheating or identity theft. There are many federal agencies that have the authority to enforce the FCRA:
- If you have concerns regarding the credit reporting agencies, or creditors, it is the Federal Trade Commission that you must approach.
- Any questions regarding national banks or federal branches/agencies of foreign banks, it is the Office of the Comptroller of the Currency Compliance Management that would handle it.
- Problems with the Federal Reserve System member banks are solved by the Federal Reserve Board Division of Consumer & Community Affairs
- Concerns about Savings associations are addressed at the Office of Thrift Supervision Consumer Programs
- Questions regarding Federal credit unions will be taken care of by the National Credit Union Administration
- Concerns regarding State-chartered banks are addressed by the Federal Deposit Insurance Corporation Division of Compliance & Consumer Affairs
Check out all details with the credit reporting
agency that you have chosen. This will help you increase your credit score and consequently increase your financial health
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