Consumer Credit Reports and the FCRA

Date:   October 20, 2002
By:             John Chen

Consumer Credit Reports and the Fair Credit Reporting Act

The Fair Credit Reporting Act (FCRA) is designed to promote accuracy and ensure the privacy of information used in Consumer Credit Reports. Recent amendments to the Fair Credit Reporting Act expand your rights and place additional requirements on Credit Reporting Agencies. Businesses that supply information about you to Credit Reporting Agencies and those that use Consumer Credit Reports also have new responsibilities under the law.

The FCRA gives you the right to learn what information about you is contained  in the consumer credit reports which are distributed by credit reporting agencies. 

You have a right to know what is in your Consumer Credit Reports.

But you must ask for it. The Credit Reporting Agencies must tell you everything in your report, including medical information, and in most cases, the sources of the information. They also must give you a list of everyone who has requested your consumer credit report within the past year-two years for employment related requests.

Some financial advisors suggest that you review your consumer credit report periodically for inaccuracies or omissions. This could be especially important if you're considering a major purchase, such as buying a home or a car. Checking in advance on the accuracy of the information in your consumer credit report could speed the credit-granting process.

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