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FCRA: Protecting Your Credit Report and Your Rights

By Andy Snyder
Published: Friday, October 9th, 2009

As your credit report can affect a lot of things in your life, it is just fair that the government provide some protection over its citizens with regards to the information that can be found on your report. This way, you can be sure that you can still be given a fair chance in everything, without your past credit delinquencies affecting your opportunities.

This is why a wise credit report advice is to get to know your rights in connection with your credit reports. By knowing how to protect the information in your report, you can be able to effectively protect yourself from discrimination and other adverse effects having a low credit score can cause you.

The act that will help you in your credit report endeavors is the Federal Credit Reporting Act or FCRA under the federal law. It promotes the fairness, accuracy, and privacy of the information consumer reporting agencies hold.

Basically, under the FCRA, one of the most basic credit report advice that you should remember is that you should always be informed whenever your file or the facts in it has been used against you in any way. May it be to deny your application for a job or credit, you should always be told by the company denying you of service and they also should give you the name and the contact information of the credit bureau that has released your information.

You should also remember that you always have the right to know what information is in your file. This is why the Federal Trade Commission has made it clear that you can receive your credit report free of charge from each of the three major credit bureaus every twelve months. In line with this, you also have the right to know your credit score by requesting for it from any of the consumer reporting agencies nationwide.

Disputing any inaccurate or incomplete information on your file is another of your rights and a common credit report advice. This allows you to report and file any kind of error that you found on your file and oblige the agencies to make a corresponding action on your report. Remember that this is important, as these errors can lead to more destructive and harmful consequences later on. 

Apart from these, the FCRA also allows you to control who can get hold of your information. By requiring you to provide consent before any bureau can pass your report to employers, you can be sure that your information are not just being handed around.

The law also allows you to pursue legal actions when someone, may it be a consumer reporting agency or a user of the said reports, violates the FCRA. This is why the credit report advice of always being ready for legal proceedings is one of the top things that you should always keep in mind.

If you know your rights as according to the federal FCRA, you will be able to easily make sense of most of the basic credit report advice and you can readily know how to deal with certain situations connected with your credit report.

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