Legal Information
The federal Fair Credit Reporting Act (the "FCRA") protects consumers by governing
how consumer credit reports can be obtained and used. It authorizes you to obtain
a copy of your credit report from any credit reporting agency that maintains one for
a reasonable charge. If you have been denied credit, disclosure is free within 60
days from the agency that provided your data to the lender. In addition, the FCRA
allows you to dispute inaccurate details in your credit reports, although accurate
derogatory information remains on your files for the period of time provided by the law.
The FCRA grants consumers important rights regarding credit, credit reports and
related matters.
You are provided by law the right to:
• Know what your credit records contain
• Be told by a credit bureau sources of the information
• Review your credit report in person
• Take someone (lawyer, friend, relative, etc.) with you to review your file
• Have disputed information investigated within 30 days
• Have inaccurate information deleted
• Have information deleted that cannot be verified
• Have those who received incorrect information notified - at no cost to you
• Include a brief written statement as a permanent part of your credit report regarding
any dispute
• Have negative credit-related information deleted after 7 years
• Have listing of bankruptcy deleted after 10 years
• Be notified by a company that it has requested an investigative report on you
• Know the nature and the substance of the investigation generating the report, but not
the sources
• Know the name, address and telephone number of the credit bureau responsible for
preparing a credit report used to deny you credit, insurance or employment, or to
increase the cost of your insurance or credit
• Have your name and address excluded from "pre-approved" offer lists
You are entitled to receive a disclosure directly from the consumer reporting agency
free of charge under the following circumstances:
• You have been denied credit, insurance or employment within the past (60) days as a
result of your credit report.
• You certify in writing that you are unemployed and intend to apply for employment in
the next 60-day period beginning on the date on which you made the certification.
• You are a recipient of public welfare assistance.
• You have a reason to believe that your file at the agency contains inaccurate
information due to fraud.
• Otherwise, the consumer reporting agency may impose a reasonable charge for the
disclosure. In addition, the Act allows you to dispute inaccurate details in your
credit reports, although accurate derogatory information remains on your files
for the period of time provided by law.
The Equal Credit Opportunity Act entitles you to be considered for credit regardless of
race, color, religion, national origin, age, sex or marital status. The statute does not
guarantee you will get credit; it requires that creditors must not discriminate against
you on one of these prohibited bases.
The Truth in Lending Act requires that credit grantors must reveal the true cost of using
credit. For example, they must disclose the cost of your credit, expressed as a yearly
rate. In the case of a revolving credit card account, you must be told, among other things,
the periodic interest rate.
The Fair Debt Collection Practices Act protects you against threats from a debt collector
and states that debt collection agencies must provide verification of any amount owed.
The Fair Credit Billing Act states that if you believe a bill you have received is an error,
you may notify the creditor in writing within 60 days. The creditor must either correct the
bill or send you an explanation within 90 days.
NOTICE TO
AVAILABLE FREE OR AT A NOMINAL COST FROM GOVERNMENT AGENCIES.
CREDIT REPORTING AGENCIES ARE REQUIRED BY LAW TO GIVE YOU A
COPY OF YOUR CREDIT RECORD UPON REQUEST AT NO CHARGE OR FOR A
NOMINAL FEE.
MA, VT, CO, MD and NJ permit consumers to obtain one credit report per credit reporting
agency per year, free of charge.
GA permits consumers to obtain two credit reports per credit reporting agency per year,
free of charge.
-bigmike
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