Free Credit Repair Information: Understanding the Fair Credit Reporting Act

A Credit Article Contributed by Brandie King

Free Credit Repair Information: Understanding the Fair Credit Reporting Act

In this article you will find free credit repair information about understanding the Fair Credit Reporting Act. Understanding at least some of the rules regarding what can be reported on your credit report and how it is reported will be an important first step for you to take on the road to repairing your credit. The full text of the Fair Credit Reporting Act can be found at http://www.ftc.gov/os/statutes/fcra.htm.

Free Credit Repair Information: Your Rights

You have the right to obtain a copy of your credit report, and even to get it for free in certain circumstances. You also have the right to know who has received a copy of your report or made inquiries about it. In addition, you have the right to dispute inaccurate information and have negative information on your report explained. The credit agencies sometimes use your information for marketing purposes and you have the right to opt out to prevent them from doing so.

Free Credit Repair Information: Circumstances Where You Can Get Your Credit Report for Free

You can get a free copy of your credit report if you are currently unemployed and have the intentions of applying for unemployment in the next 60 days. If you are on welfare you can get a free copy of your credit report. When you have reason to believe your credit report has inaccurate information due to fraud you can get a free copy. In addition, you can get a free copy of your credit report if you have been denied credit in the past 60 days, such as for a credit card, insurance, or employment.

Free Credit Repair Information: What Can Be Included in Your Credit Report

There is quite a bit of information about you that can be included in your credit report. Your identifying information and employment and salary information can be included. Credit information, such as payment history and applications for credit, public record information, child support payment delinquencies, overdrawn accounts at banks, and debts that collection agencies are trying to collect from you can be shown in your credit report.

Late payments to hospitals, landlords, utility companies, and others, as well as late payments on credit cards, auto loans, and mortgages, can be reported on your credit report.

Free Credit Repair Information: What Cannot Be Included in Your Credit Report

To protect you against discrimination and other unfair practices, there is certain information that cannot be included in your credit report. This information includes your race, religion, current health and medical history, your driving record, your criminal record, and political preference. If you filed a Chapter 11 bankruptcy, it cannot be included on your credit report if it is more than 10 years old and the same goes for debts that are older than seven years.

Free Credit Repair Information: Who Can Access Them

This is not a complete list of those that can access your credit report, but will cover the ones most people are going to come across. Potential lenders, landlords, insurance companies, employers/ potential employers (normally only with your written consent), companies where your currently have accounts (for credit monitoring purposes), and local or state child support enforcement agencies. In addition any government agency can access your credit report.