Fair Credit Reporting Act

What It Is:

The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of

information in the files of consumer reporting agencies.

Under this act you have the right to:

  • Limit access to your information
  • Give consent before providing info to an employer
  • Investigate disputed info
  • Correct or delete inaccurate info

Problem example:

John finds inaccurate information on his credit report. His credit report shows that missed a payment on his credit card last month when he knows he didn't. Under the Fair Credit Reporting Act, he can correct this information by telling the credit reporting company what was wrong. The company must then investigate within 30 days and then will make changes to his report.