There are two basic types of people when it comes to borrowing money. Type #1 is careful with credit. He doesn’t have many credit cards, doesn’t carry a lot of debt on the cards he does have, and makes credit card and loan payments on time. Type #2, on the other hand, signs up for every store credit card offer, charges more than he can pay off, and doesn’t always pay the minimum amount due on loans and credit cards. Despite trying to be a Type #1, most of us probably have at least a little bit of Type #2 in us.
What’s interesting is that even a perfect Type #1 can have errors on his credit report that make him look like a Type #2, and even the worst Type #2 has a right to privacy and a right to an accurate credit report. Thanks to the Fair Credit Reporting Act (FCRA), it doesn’t matter how good or bad your credit is, you still have rights. So what are these rights? Well, I will tell you!
Your Rights Under The Fair Credit Reporting Act
You can’t protect your rights if you do not know what they are. Thanks to the FCRA, you have rights that protect your access to information, your privacy, and your ability to make reporting agencies get it right—or pay you for the trouble. More specifically, you have the following rights when it comes to your credit report:
- To be told when information has been used against you. If someone uses your credit report or another consumer report to deny you a loan, insurance coverage, employment, or anything else, they are obligated to tell you about it.
- To know what’s on your credit report. Credit reports are not secret documents. You have a right to get a copy of your report and are even entitled to a free report from each consumer reporting agency (CRA) each year.
- To know your credit score. Banks, credit card companies, and even employers can find out your credit score when processing your application, and so can you. While you might have to pay for it, you have a right to know what it is.
- To dispute information on your report. If, after reviewing your free credit report, you find mistakes on it, you have a right to dispute the information with the CRA. The agency is then required to investigate.
- To get inaccurate information corrected. If you have shown that something on a credit report is inaccurate, the CRA must correct or remove it within 30 days.
- To privacy. The CRA cannot give out your information to just anyone. Those seeking the information must have a valid need—such as a loan approval or insurance policy application—in order to access your report. The CRA cannot give your information to a prospective employer without your written permission.
- To limit who gets your credit information. You have the right to opt out of having your information shared with companies looking to pre-screen potential customers.
- To sue for damages from violators. If an agency subject to the FCRA violates your rights, you may be able to sue in state or federal court for monetary damages.
You can’t know if your FCRA rights have been violated if you don’t know what’s on your credit report, so request your free copy from each credit reporting agency here and, if you find mistakes, contact me.
You CAN Get Credit Reporting Errors Corrected. We Can Help.
It is estimated that over 40 million Americans have errors on their credit reports. The odds are good that you are one of them. When you request our FREE Ultimate Credit Clean-Up Machine, you can get started right away informing the CRAs of their mistakes. My website provides the forms you need to put them on notice in your own words and start the clock ticking. If nothing happens within 30 days, I can help you sue them for damages. Don’t put this off any longer! Assert your rights and hold the CRAs accountable! Call us directly at 415-802-0137.