What’s the FCRA?

The Fair Credit Reporting Act (FCRA) protects consumers’ information contained in the files of the consumer reporting agencies from unfair and inaccurate information, as well as their privacy. This act states several rights that you should be aware of to prevent yourself from any unfair or abusive practices from these types of agencies. The following are a few rights that consumers are entitled to:

You have the right to know what’s in your file. Consumers are entitled to a free “file disclosure” every 12 months upon request.

You have the right to dispute incomplete or inaccurate information. Unless your dispute is “frivolous”, any consumer reporting agency has the obligation to investigate your claim.

You must give your consent for reports to be provided to employers. Your employers may see your file only if you provide them your written consent.

You may be able to sue in state or federal court. If any agency or user of consumer reports violates the FCRA, then you may be able to sue them in state or federal court.*

Your information should be treated as confidential; therefore the FCRA was created with the objective of protecting consumers’ information from being misused. If you have any financial problems you should seek the professional help from a well established company with ethical practices, such as U.S. Financial Management, that won’t jeopardize your financial future.

*For further information on your consumer rights contact the FTC.

Source: Federal Trade Commission (FTC)

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