Check out some of the most favorable points of the Fair Credit Reporting Act (FCRA) that really help consumers.
- Provides consumers with a free copy of their credit report once per year and ensures that they can purchase it at a fair price.
- Regulates who has access to credit reports. The official term used in the FCRA is “Permissible Purpose” which means who is allowed to run someone’s credit report. An inquiry is mark made with someone runs the consumers credit report.
- Details how long negative information can appear on a credit report. The FCRA spells out how long negative information, such as late payments, bankruptcies, tax liens, judgments, may stay on a consumer’s credit report.
- Details how credit bureaus must handle disputes.
- Details how data furnishers must handle disputes.
- It details that once negative information is removed as a result of a consumer’s dispute; it may not be reinserted without notifying the consumer in writing at least 5 days prior to re-insertion.
- Allows consumers to challenge the information on their credit report on the basis of completeness and accuracy. If, after an investigation by the credit bureau, the disputed information is found to be inaccurate or can no longer be verified, the credit bureau must promptly remove the information
