What Is the FCRA Credit Law?
Interested in learning about the FCRA Credit Law and how it impacts you and your credit? You’re in luck. Today, we’ll break down the basics of the Fair Credit Reporting Act. It’s important that you understand your rights and how credit laws protect and empower you.
What Is the FCRA?
The FCRA (Fair Credit Reporting Act) is a federal law that keeps the credit industry in check. The law governs how your credit information can be retrieved, shared, and used. In short, this law allows you to view your credit file. You may also dispute inaccurate information.
How Does the FCRA Credit Law Protect Me?
Read our quick bulleted list to further comprehend the focus of the FCRA and what it means for consumers. Here are 5 things you should know about this particular credit law.
What You Need to Know About the FCRA
• The law ensures that credit reporting agencies (CRAs like Transunion, Equifax, Experian, etc.) follow rules as they use your credit file. The information they gather can affect your job, mortgage, loans, and more. So, it’s vital such laws are in place to protect your profile.
• You have the right to access. In other words, you can request more info regarding items on your credit report. (Note: If you keep an eye on your profile and inquire within 60 days, you won’t be charged for the access.) The FCRA keeps agencies from sending out harmful and outright false information about you.
• You also have the right to dispute inaccurate information reporting on your credit. Errors occur every year. And credit reporting agencies are required by law to investigate your dispute claim in a timely manner (usually within 30 days). The FCRA also keeps your creditors in line. If you dispute directly, they too must indicate that claim as they report to agencies.
• The FCRA demands that you’re notified when your credit file is accessed and when it results in action against you. You may be denied (for home or auto loans, better interest rates, etc.) due to information the credit reporting agencies share. It’s your right to be informed.
• Finally, the FCRA was established to protect your privacy. Your credit history is sensitive material, and this law limits access to the files controlled by the agencies. You must give your permission in the signature form before any employers’ requests are granted. Further, you have the right to limit the way your information is shared. Your name can be removed from agencies’ lists that are used for unsolicited offers.
You Have a Say
We use this law and many others in our aggressive, attorney-backed approach to credit repair. WJA believes in keeping consumers educated and informed. These credit laws should be talked about, which is why we’re talking about them.
Your credit has a huge say in whether or not you get to live your life on your own terms. You should have a say in how your information is reported and used. And you do. You have rights.
In the case of noncompliance, agencies could owe you. It’s illegal for your personal credit info to be withheld from you. It’s unlawful for it to be distributed unfairly. False items must be corrected promptly. And all of this protection? We have the FCRA to thank.