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We are not Left with no Rights

By Andy Snyder
Published: Tuesday, February 16th, 2010

Tracking down history one will find out that credit reports started 100 years ago utilized to file just the negative financial information about a person. It is also inaccessible even to the person whose name is written on the document. 

Addressing this issue, in pursuit for increasing accuracy and protecting privacy grounded on fair information practices, Fair Credit Reporting Act was passed in 1971.

This act made a lot of difference on how credit reporting agencies work before as compared nowadays. It is providing us with rights that were never present before so as a credit report advice- Know FCRA. 

 The following includes the important things incorporated in Fair Credit Reporting Act that we as consumers must have knowledge with. 

First you have the right to be informed. You must know all the information written on your credit report thus as mandated by law, credit reporting agencies must provide consumers’ free copy of their credit report once a year. Also you must be provided with a copy of the list of people who are viewing your file. In addition to this, in cases where companies who viewed your file used the information in it to deny your loan, credit applications, employment and the like, these companies have a legal obligation to give you the credit bureau’s name, address and contact number to which they get your information. Another credit report advice- always find time to exercise these rights to information. 

Second, you have the right to dispute wrong information directly to the credit reporting agencies or to the source of the information. Either ways both has to do something about it immediately. If you report it to the credit reporting agency, they, as according to law, have 30 days to investigate on the issue. If you reported spotted errors to the source of the wrong information, they must include your dispute letter once they forward the information to the credit bureaus. You can report inaccuracies promptly if you follow the credit report advice of regularly assessing your credit report. 

Lastly, you have the right to privacy. Access to your file must be limited. Credit reporting agencies can only disclose your credit file to people with concerns approved by FCRA. Furthermore information about you cannot be provided by CRA to your prospective or current employers unless they have a written report coming from you. In relation to this, reports involving medical information about you must not be readily shared by CRA to employers, insurers or creditors without your authorization. 

These are just some of the important points that must be stressed about the coverage of FCRA. As a credit report advice it is indeed beneficial for one to know what rights he or she is having over a certain matter. If one is aware then he or she is having an educated stand. One need not to memorize each articles of the law as it is written to be able to protect one’s self. Everything is just a matter of understanding. This coupled with the assistance of credit report advice one can be said to be equipped and ready to face a world of uncertainties.

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