Your Credit and Your Rights

Sometimes, things happen that can cause credit problems: a temporary loss of income, an illness, even a computer error. Solving credit problems may take time and patience, but it doesnt have to be an ordeal.



The Federal Trade Commission (FTC) enforces the credit laws that protect your right to get, use and maintain credit. These laws do not guarantee that everyone will receive credit. Instead, the credit laws protect your rights by requiring businesses to give all consumers a fair and equal opportunity to get credit and to resolve disputes over credit errors. This article explains your rights under these laws and offers practical tips to help you solve credit problems.



Your Credit Report



Your credit report contains information about where you live, how you pay your bills, and whether youve been sued, arrested, or filed for bankruptcy. Consumer reporting companies sell the information in your report to businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home.



The federal Fair Credit Reporting Act (FCRA) promotes the accuracy and privacy of information in the files of the nations consumer reporting companies. Under the Fair Credit Reporting Act:



You have the right to receive a copy of your credit report. The copy of your report must contain all the information in your file at the time of your request.



Each of the nationwide consumer reporting companies Equifax, Experian, and TransUnion is required to provide you with a free copy of your credit report, at your request, once every 12 months. Consumers from coast to coast will have access to a free annual credit report if they ask for it.



Under federal law, youre also entitled to a free report if a company takes adverse action against you, like denying your application for credit, insurance, or employment, and you ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. Youre also entitled to one free report a year if youre unemployed and plan to look for a job within 60 days; if youre on welfare; or if your report is inaccurate because of fraud, including identity theft.



Otherwise, a consumer reporting company may charge you up to $9.50 for another copy of your report within a 12-month period.



You have the right to know who asked for your report within the past year two years for employment related requests.



If a company denies your application, you have the right to the name and address of the consumer reporting company they contacted, provided the denial was based on information given by the consumer reporting company.



If you question the accuracy or completeness of information in your report, you have the right to file a dispute with the consumer reporting company and the information provider (that is, the person, company, or organization that provided information about you to the consumer reporting company). Both the consumer reporting company and the information provider are obligated to investigate your claim, and responsible for correcting inaccurate or incomplete information in your report.



You have a right to add a summary explanation to your credit report if your dispute is not resolved to your satisfaction. You also can ask the consumer reporting company to provide your statement to anyone who received a copy of your report in the recent past. You can expect to pay a fee for this service.






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