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Your Credit Report The Credit Card Act
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Your Consumer Rights In Obtaining
Your Free Credit Report.
Chris Sims | US Gov Connect
The Fair Credit Reporting Act (FCRA) is a law that requires each of the three credit reporting companies to provide you with a free copy of your credit report, once annually. The Federal Trade Commission (FTC) is in charge of enforcing the FCRA with the three reporting agencies.
What Is Included In Your Credit Report?
Your credit report consist of information of where you live, how you pay your bills, and tracts all of your outstanding debt. Your credit report also contains public records such as liens and bankruptcies. The credit reporting agencies in turn sell this information to creditors, insurers, and employers.
What If I'm Denied Credit?
Under federal law you are entitled to a copy of your credit report if a company takes adverse action against you. Keep in mind you have sixty days to request a report and the reasons why you were denied credit.
What If I Find errors Or Inaccurate Information On My Credit Report?
Under the FCRA both the credit reporting company, and the company that provided the information, are responsible for correcting inaccurate information on your credit report. To make sure that the credit reporting company and information provider (The organization that reported negative information) follow the law, try to correspond in writing and list all the inaccurate information. Document all correspondence with the credit reporting company and information provider.
The credit reporting company, in most cases, must respond in writing within thirty days. Information provided to the credit reporting company is then forwarded to the information provider. If it is discovered that the the information provider was reporting inaccurate information then it is up to that organization to contact the three credit reporting agencies with the correct information. After the information is corrected you are then entitled to a free copy of your report (This is separate from your free annual credit report).
The FCRA also gives you the right to know who has had access to your credit information. You can find out who requested a copy of your report within the last 12 months, and you have a right to know which potential employers accessed your report within the last 24 months.
How Is Your Credit Score Formulated?
Your credit score is calculated by five pieces of data that are in your credit report. Each piece of data is weighed differently in calculating your score. Listed below is an example of how data is weighed for the typical consumer:
1. Payment History (35%)
2. Amounts Owed (30%)
3. Length Of Credit History (15%)
4. New Credit (10%)
5. Types Of Credit Used (10%)
What's Your Credit Score?
| 750 And Up |
Excellent
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| 720-749 | Good |
| 660-719 | Fair |
| 620-659 |
Uncertain |
| 619 And Below |
Poor |