September 16, 2021 6:19 pm

What is the Fair Credit Reporting Act?

What does it mean to have good or bad credit?

Having good credit means that according to your past creditors, your record is clean. You made payments, and paid off Credit Repair Blueprint your past debts satisfactorily. Having bad credit is just the opposite. Your record shows that you have not paid off your past debts as agreed. This could mean late payments, collections, non-pays etc… This information is held at the “credit bureau”, and is provided to those businesses that request it.

What is the Fair Credit Reporting Act?

The Fair Credit Reporting Act is the federal law that governs credit bureaus. The law was written to protect consumers from the obvious power that credit bureaus can have over their lives.

Do I have a right to know what my credit report says about me?

Yes, the Fair Credit Reporting Act guarantees you that right. This law also gives you the right to obtain a copy of your report for free, with a letter of denial of credit, if that denial of credit was due to information found on your credit report.

What is on my report?

Your credit report contains information about your credit card accounts, loans, charge accounts, and items of public record such as bankruptcies, tax liens, and judgments. It will list each account on record, who the account was with, how much was borrowed, how much was paid, and how timely the payments were made. It will also list any accounts sent to collection agencies, accounts not paid in full, and defaulted loans.

Who has access to my report?

According to the Fair Credit Reporting Act, anyone with a “legitimate business need”. However, in most cases the report is only provided to credit grantors, employers or prospective employers, landlords, and insurance underwriters.

Are ALL of my accounts listed on my credit report?

Probably not. Businesses have a right (but not the obligation) to report to any or all credit bureaus, at their discretion. Your previous credit grantors might have reported your credit experience to just one credit bureau, all three large credit bureaus, or they might not have reported it to any credit bureau. However, most large credit grantors report to TRW, TransUnion, or Equifax.

What will it cost me to get a copy of my report?

You can acquire a report from the credit reporting agencies below for free. If you’re located in the United States and Canada, you can do this once a year. You also may obtain a free copy of your report from any credit bureau that provided information that caused you to be turned down for credit.

For complete, up to date information how to receive a copy of your credit report, you may contact the three largest credit bureaus directly at:

TRW (800) 392-1122 Trans Union (714) 738-3800 Equifax (800) 685-1111

This information is provided for informational purposes only. The author assumes No liability. You should retain professional legal or financial assistance if required.

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