The Fair Credit Reporting Act (FCRA) is is a law that helps consumers. The FCRA ensures that credit bureaus provide correct and complete information to businesses when evaluating your application.
Your Rights under the Fair Credit Reporting Act are:
- The right to receive a copy of your credit report. Your report must contain all information in your file at the time of your request.
- The right to know the name of anyone who received your credit report. For most purposes in the last year, or the last two years for employment purposes.
- Any company that denies your application must supply the name and address of the credit bureau they contacted. Provided the denial was based on information given by the credit bureau.
- The right to a free copy of your credit report when your application is denied. Due to information supplied by the credit bureau. Your request must be made within 60 days of receiving your denial notice.
- You can contest how complete or accurate the information is in your report. If you decide to do this, you should file a dispute with the credit bureau. Also, you should file one with the company that furnished the information to the bureau. Both the credit bureau and the furnisher of information are legally obligated to investigate your dispute.
- The right to add a summary explanation to your credit report. This is done if your dispute is not resolved to your satisfaction.