Description:
The Fair Credit Reporting Act establishes procedures for correcting mistakes on your credit record and requires that your record only be provided for legitimate business needs. Along with the Fair Debt Collection Practices Act (FDCPA), it forms the base of consumer credit rights in the United States.
Under this law, Consumer reporting agencies (CRAs), which maintain the databases that feed consumers' credit reports and provide information about consumers to be used for credit evaluation and certain other purposes, have a number of responsibilities under FCRA, including the following:
1. Provide a consumer with information about him or her in the agency's files and to take steps to verify the accuracy of information disputed by a consumer. Consumers are able to receive one free credit report a year, as a result of the Fair and Accurate Credit Transactions Act (FACTA), an amendment to the FCRA passed in 2003.
2. If negative information is removed as a result of a consumer's dispute, it may not be reinserted without notifying the consumer within 5 days, in writing.
3. CRAs may not retain negative information for an excessive period of time. The FCRA spells out how long negative information may stay on a consumer's credit report.
Copyright 2004-2008 The Data Governance Institute, LLC. All Rights Reserved The site is brought to you in partnership with the Business Intelligence Network
Copyright 2004-2008 The Data Governance Institute, LLC. All Rights Reserved The site is brought to you in partnership with the Business Intelligence Network
