Our team of credit repair experts on Long Island can help you understand the Fair Credit Reporting Act (FCRA). The FCRA is a federal law that regulates how credit reporting agencies collect, use, and share your credit information. It’s important to understand your rights under the FCRA, as it can impact your ability to obtain credit, employment, insurance, and more. More often than not, Consumer Reporting Agencies (CRA’s) will have inaccurate information on your report. This is where our team can help. 

To help you understand this better, we’ll discuss the key provisions of the FCRA and how it affects you.

a man holding a lot of cards

What is the FCRA?

The FCRA was enacted in 1970 to promote the accuracy, fairness, and privacy of consumer credit information. It requires credit reporting agencies to provide accurate and complete credit reports to creditors, employers, and other authorized parties. It also gives consumers the right to dispute inaccurate or incomplete information in their credit reports and to obtain a free credit report every 12 months from each of the three major credit reporting agencies: Equifax, Experian, and TransUnion.

Key Provisions of the FCRA

  • Accuracy of Credit Reports: The FCRA requires credit reporting agencies to use reasonable procedures to ensure the accuracy and completeness of credit reports. This includes verifying the information provided by creditors and other sources before including it in your credit report.
  • Disclosure of Credit Reports: Credit reporting agencies must disclose your credit report to you upon request and must provide it free of charge once every 12 months. They must also provide a copy of your credit report to any person who has taken adverse action against you based on information in your credit report.
  • Dispute Process: The FCRA gives consumers the right to dispute inaccurate or incomplete information in their credit reports. The credit reporting agency must investigate the dispute within 30 days and provide a response to the consumer.
  • Negative Information: The FCRA limits the amount of time that negative information can remain on your credit report. For most types of negative information, such as late payments or collections, the information can only remain on your credit report for seven years. Bankruptcies can remain on your credit report for up to ten years.
  • Identity Theft: The FCRA requires credit reporting agencies to block fraudulent information from appearing on your credit report if you are a victim of identity theft.
  • Consumer Consent: The FCRA requires that consumers give their consent before their credit information can be accessed for certain purposes, such as employment or insurance.

Enforcing Your Rights under the FCRA

If you believe that a credit reporting agency or creditor has violated your rights under the FCRA, you have the right to sue them for damages. You may also file a complaint with the Consumer Financial Protection Bureau (CFPB) or your state’s attorney general’s office. Speaking of which, if you are unsure of what to do regarding this, you can always count on Credit Repair Boss to have your back and help you navigate through an FCRA storm. 

That being said, it’s important to monitor your credit report regularly to ensure that it is accurate and up-to-date. If you find any errors, you should dispute them promptly. Credit Repair Boss of Long Island offers guidance on the meaning and requirements of the FCRA. By understanding your rights under the FCRA, you can protect your credit and financial future.

For more information, inquiry, or clarification on your FCRA rights, get in contact with us today.