The Fair Credit Reporting Act (FCRA) provides consumers with many rights related to the collection and dissemination of their credit history. Here is part one of a summary of the important rights consumers have under the FCRA:
*Consumers have the right to ask for their credit score – a numerical summary of creditworthiness based on information collected by consumer reporting agencies (CRAs).
*Consumers must be informed if any information in their credit file has been used against them. Consumers must be informed when an entity uses a credit or other type of consumer report to deny an application for credit, insurance, employment, or other adverse action.
*Consumers have the right to know the contents of their file. They have the right to request and obtain disclosure of their personal credit information in the file of a CRA. Consumers are entitled to a free file disclosure if:
- Adverse action was taken against the consumer because of information in the consumer’s credit report;
- the consumer is the victim of identity theft, and a fraud alert has been attached to the file;
- the consumer’s file contains inaccurate information resulting from fraudulent activity;
- the consumer is on public assistance, or
- the consumer is unemployed but expects to apply for employment within 60 days.
Congress enacted the FCRA in 1970 to oversee the fairness, accuracy, and privacy of the personal information contained in the files of credit reporting agencies. The FCRA’s regulations apply to obtaining, storing, and sharing a consumer’s credit information. These rules include guidance on how this personal information is shared with the actual subject consumer.
The Morrison Law Group will review credit reports and dispute any negative or inaccurate credit reporting.
Talk to the Morrison Law Group about your Chapter 7 or Chapter 13 bankruptcy options. Call 801.456.9933 today to schedule a FREE consultation. We are Utah’s only statewide bankruptcy law firm and have locations in Ogden, Logan, Sandy, and St. George to serve the residents of the counties of Weber, Cache, Salt Lake, Utah, Morgan, Davis, Washington, and surrounding areas.