The Fair Credit Reporting Act (FCRA)
The FCRA is a federal law that governs how a Credit Reporting Agency or a CRA handles your credit information. It is designed to protect the integrity and privacy of your credit information/data. The FCRA requires CRAs, and the entities that report your credit information to them and others, to ensure that your information is fair, accurate, and kept private. The FCRA protects your right to access and correct any inaccuracies in your credit report and provides you with remedies if a credit reporting agency or furnisher of credit information violates your rights.
Who/What is a Credit Reporting Agency (CRA)?
A CRA is any entity that collects and furnishes credit information about you. A common type of CRA is a credit bureau, such as Transunion, Equifax or Experian. A CRA also includes a company or person who collects and sells your credit information (often in the form of background checks) to landlords, employers, or anyone else who makes a credit decision about you.
Obligations of a CRA
A CRA is obligated to:
- upon your request, provide you with the information it has on file about you, often for free
- provide you with your credit score upon your request (you’ll most likely have to pay a fee)
- investigate disputed credit information in your file
- correct or delete any inaccurate, incomplete, or unverifiable information within 30 days of the receiving notice of your dispute
- refrain from reporting old credit information, usually more than seven to ten years old
- limit disclosure of your credit file to third parties who have a “valid need” (such as a creditor, landlord, or employer), and
- withhold disclosure of your credit information to employers unless you consent.
Who/What is an Information Supplier?
An “information supplier” is any entity that submits your credit information to a CRA. Usually, that means your creditor. But it could also mean any other third party that you have even a loose credit relationship with, such as a government entity to whom you owe taxes, costs, or fines.
Have concerns regarding your credit?
If you have questions regarding the Fair Credit Reporting Act or feel that a Credit Reporting Agency may have violated your rights, Call Us at 888-241-2200 for a no cost consultation.
You can also fill out the form below and a member of our experienced legal team will reach out to you.