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All I Want for Christmas is My FCRA (Federal Fair Credit Reporting Act)

By Andy Snyder
Published: Friday, November 20th, 2009

Have you ever experienced feeling small when faced with certain situations like having incorrect data entered in your credit file and afterwards,  paying for its consequence? Are you having the feeling that someone is secretly stealing your identity? Are you 100% sure that the credit score on your file does not justify your financial history at all? Was it too low? All these can add up to your daily stresses. Remove that frown from your face by following this credit report advice which tells you that indeed, there are laws in our land aimed to protect you from injustices such as these.

All it takes is to be aware of the law – The Federal Credit Reporting Act or more commonly known as FCRA and your rights as a consumer. This law aims to protect consumers and assures accuracy, fairness and privacy in your files and credit scores. A credit report advice will always tell you to that your knowledge with regards to this law is enough to have a good credit score.

What does FCRA contain? Here are some of your rights under the said law and it is always a good credit report advice to keep them in mind especially when dealing with credit reporting companies:

  • You must be informed if any information in your file has been used against you. (name, address, phone number, etc.)
  • You have all the right to know every single data that is in your file. It is yours after all and;
  • You may be entitled to a free file disclosure if:
    • You are denied of a loan application
    • You personally are requesting for a copy
    • You are a victim of identity theft and has fraud alert on your file
    • Your file has inaccurate data due to fraud
  • You have the right to ask for a credit score (this given free annually by the top 3 credit reporting companies)
  • You may contest or dispute what you really think are inaccurate information with which the credit reporting company should correct or delete the said flawed data.
  • Access to your file should be unlimited (the top 3 major companies offers this as one of their services at their websites at a certain price).
  • You should have a “go” signal before any credit reporting company give employers any information on your file 

Although there are other laws designed for consumers’ security, the FCRA proves to be the most reliable one when it comes to problems with credit reports, credit scores and credit companies. 

Like what have been earlier said on credit report advice given to people who are currently”repairing” their credit scores, maximize the use of this law. Taking the time to study this said law has a lot advantage on your part. As a good credit report advice, relearning your rights and knowing them by heart will avoid problems in the future. So come on put that rutty sock on your window and ask “Santa” disguised as your legal counsel to grant your wish!

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