Consumer Credit Report Law

The Consumer Credit Report Law (better known as the Fair Credit Reporting Act (FCRA)) establishes your rights in regards to credit reports. It governs credit report agencies (credit bureaus) and protects consumers by limiting the purposes for which credit checks can be performed, ensuring that consumers have the right to view their credit files, and provides consumers with the right to correct errors in their credit reports.

The FCRA (enacted 1970) was amended on December 2003 by the Fair and Accurate Credit Transactions Act (FACT Act), which incorporates new privacy regulations, dispute procedures, identity theft protection and the distribution of free annual consumer disclosures.

Here is a summary of the Consumer Credit Report Law
For a more detailed summery please see fcra-credit-report.

You have the right to receive free annual credit report
You are eligible for a free Credit Report from the 3 major credit bureaus (Equifax, Experian and TransUnion) once every 12 months. See Free Annual Credit Report for more details.

You have a right to ask for your credit scores
Credit Bureaus that create and distribute credit scores based on your credit report s must provide you these scores upon your request. This service is however NOT free.

You have the right to dispute information that’s on your file
If you believe some of the information on your credit report is inaccurate, incomplete or incorrect – you have a right to dispute it. Both the credit bureau and the entity that provided that information are required to investigate and correct that information within 45 days. See Credit Report Disputes for more information.

You must be told if information in your credit report has been used against you.
Anyone who uses your credit report or credit score or any to deny your application for credit, insurance or employment must inform you and provide you the details of the credit bureau that provided the information. See Adverse Action Letter for more information.

You have the right to remove your name from mailing lists
You have a right to request the 3 major credit bureaus – Experian, TransUnion & Equifax to exclude your name, address and telephone number from any list of pre-approved, unsolicited credit and insurance offers by calling 1-888-5-OPT OUT (1–888–567–8688).

You have the right to add fraud and active duty alerts
You have the right to place initial fraud alert (lasts 90 days), extended fraud alerts (last up to 7 years) and active duty alert (for military personnel. Lasts a year) to help prevent identity theft – free of charge. See Credit Fraud Alert for more information.

In addition, you have the right to freeze your credit report, which blocks potential creditors from viewing you credit reports and scores. Credit freeze/credit lock is the most effective way to prevent Identity Theft.