The Fair Credit Reporting Act
The Fair Credit Reporting Act, passed in 1970, is an extremely important piece of legislation put in place to protect consumers’ credit information. While the Fair Debt Collection Practices Act protects debtors from collection company abuse, the Fair Credit Reporting Act sets rules and regulations regarding the use, distribution, and availability of people’s credit information. These two laws have been passed in order to uphold the rights of consumers.
The Rights Granted to You by the Fair Credit Reporting Act
The Fair Credit Reporting Act protects the privacy and accuracy of your credit file. It ensures fair regulation of your information and grants you certain rights regarding access and control of this documentation. Under this law, consumers have the following rights:
- If your file has been accessed and used against you by a credit agency, you must be informed of these actions
- You have the right to know and understand what information is contained in your file
- You can ask for a credit score, which provides you with information on how worthy of credit you are
- You can question or oppose information that you believe is incorrect
- Any false incorrect information must be adjusted to the truth
- Only those specified by the Fair Credit Reporting Act may access your file
- Any negative information on your credit history that has been outdated cannot be reported
- Employers cannot access your report without your approval
- You have the right to remove yourself from prescreened credit offers
- You are allowed to pursue damages from anyone who violates this act
Contact Us
If you would like to learn more about the Fair Credit Reporting Act and the rights granted to you through this piece of legislation, contact the Austin bankruptcy lawyers of Slater, Kennon & Pugh Ltd.LLP today at 512-338-1100 to speak with an experienced lawyer about your questions.