Credit Report Laws
The Fair Credit Reporting Act (FCRA), amended by the Fair and Accurate Credit Transactions Act (FACT Act) defines consumer credit report laws and rights. It incorporates important privacy regulations, dispute procedures, identity theft protection measures and procedures for the distribution of free annual credit reports. Here is a summary of your rights under the FCRA & FACT Act.
You have the right to know what is in your file
Consumer reporting agencies (CRAs) must disclose you the information in your file upon your request. In many cases you are eligible to receive the information free of charge.
You have the right to receive free annual credit reports
You are eligible to receive FREE credit reports from each of the 3 major credit bureaus (Equifax, Experian and TransUnion) every 12 months (see Free Government Credit Report for details).
You have the right to ask for your credit score
Credit Bureaus that create and distribute credit scores based on your credit reports must provide you that score when you request it. This service however is NOT free and usually cost $11.
You must be told if information in your file has been used against you
Anyone that uses a credit report, credit score or other consumer information to deny your application for credit, insurance or employment MUST inform you and provide you the name, address and phone number of the credit bureau or agency that provided the information (see Adverse Action Letter for details).
You have the right to dispute information in your credit report
If some of the information in your credit report is incorrect, inaccurate or incomplete – you have a right to dispute it. Both the credit bureau AND the entity that provided that information is required by law to investigate and correct the information within 30 to 45 days. Information that is found to be inaccurate, incomplete or can no longer be verified MUST be corrected by the credit bureau (see Credit Report Disputes for details).
You have the right to remove your name from mailing lists
You have a right to request the credit bureaus to exclude your name, address or telephone number from pre-approved, unsolicited credit and insurance offers mailing and phone lists by calling 1-888-5-OPT OUT (1–888–567–8688).
You have the right to Block your credit reports
You have a right to defend yourself against identity theft by Locking/Freezing your credit reports and/or placing fraud and active duty alerts on them.
For More Information
The FTC works to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them.
you can download the full FCRA Credit Report Laws here, or visit ftc.gov/credit for more information.
For more information on the Fair and Accurate Credit Transactions Act visit FTC’s free credit report information site, or call toll-free 1-877-FACTACT (1-877-322-8228).
To file a complaint or get free information on consumer issues, visit ftc.gov or call toll-free 1-877-FTC-HELP (1-877-382-4357).
You can watch the video How to File a Complaint if you need help, or visit ftc.gov/video to learn more.