Fair Credit Reporting Act (Credit Report Law)

A Credit Article Contributed by Brandie King

Introduction to the Fair Credit Reporting Act Credit Report Law

The Fair Credit Reporting Act (FCRA) is the credit report law enacted by the FTC (Federal Trade Commission) that regulates the accuracy and fairness of credit reporting and information that can and can't be included on your credit report. Understanding the Fair Credit Reporting Act will help you to understand what can and cannot be reported on your credit report as well as helping you to understand how that information is reported and your rights under the law.

This article does not cover the full extent of the Fair Credit Reporting Act, but you can find the full text of it on the Internet at http://www.ftc.gov/os/statutes/fcra htm.

Your Rights under the Fair Credit Reporting Act Credit Report Law

Under the Fair Credit Reporting Act, you are entitled to get a copy of your credit report. You can get one for free if you meet any of the following requirements, which include: in the past 60 days you have been denied credit, you currently receive welfare, you are currently unemployed but actively looking for employment, you have been the recipient of credit fraud.

You are entitled to know what individuals or businesses have requested and received your credit report and you have the right to know who has made inquiries about your credit report. If you find errors, inaccuracies, or incorrect information on your credit report, you are entitled to dispute that information. You are entitled to opt out of the credit bureaus and agencies using your information for the purposes of marketing.

What Can and Can't Be Contained in Your Credit Report under the Fair Credit Reporting Act Credit Report Law

You might be surprised by the amount of information that can be contained in your report about you. This information includes, but is not limited to, employment histories, salary histories, payment histories, applications for credit and loans, information contained in public records, delinquencies in child support payments, accounts you have at banks and credit unions that are overdrawn, accounts that have been placed with collection agencies, and late payments on all manner of accounts.

Information that can't be contained in your credit report includes, but is not limited to, your nationality, religious preferences, health and medical histories, driving records, criminal records, political preferences, and accounts that have expired (bankruptcies older than 10 years, inquiries older than 2 years, etc.).

Who Can Access Your Report under the Fair Credit Reporting Act Credit Report Law

People and businesses to whom you have applied for credit and loans, people and businesses who you are trying to rent a house or apartment from, companies you are trying to get insurance from, prospective and current employers, companies that you have current accounts with, child support enforcement agencies, and any and all government agencies are all included on the list of people and businesses that can access your credit report according to the credit report law.