Credit information is of the utmost importance in our society. Inaccurate information in your credit report can lower your credit score, affect your ability to obtain additional credit, and impact various aspects of life.
The Fair Credit Reporting Act (FCRA) is a federal law that governs how financial matters, including debt collections, can be included in your credit report. Our attorneys at Cogburn Law Offices in Las Vegas are committed to ensuring that your creditors and credit reporting agencies comply with the terms of the Fair Credit Reporting Act.
Your Rights Under the Fair Credit Reporting Act
The FCRA was enacted to promote accuracy, fairness, and privacy of information in credit reporting agency files. Following is a summary of the rights of consumers under the Fair Credit Reporting Act.
Right to Know When Information Has Been Used Against You
Anyone who uses a credit report or consumer report to deny your application for credit, employment, or insurance, or to take any action against you, must tell you so and give you the name, address, and telephone number of the credit or consumer reporting agency that provided the information.
Right to Know What Is in Your File
You may request and obtain full file disclosure (all the information about you in a consumer reporting agency file) if you provide proper identification. You are entitled to file disclosure free of charge if:
- Someone has taken adverse action against you because of your credit report information
- You have been a victim of identity theft and have placed a fraud alert in your file
- Inaccurate information is contained in your file because of fraud
- You are unemployed but expect to apply for employment within 60 days
- You are on public assistance
All consumers are entitled to one free file disclosure from each of the nationwide credit bureaus and nationwide specialty consumer reporting agencies upon request once every 12 months.
Right to Ask for Your Credit Score
You may request your credit score (numerical creditworthiness rating) from consumer reporting agencies. There is usually a charge, except in the case of some mortgage transactions.
Right to Dispute Inaccurate or Incomplete Information
Unless your dispute is frivolous, credit reporting agencies must investigate if you identify incomplete or inaccurate information in your file. They must also delete inaccurate, incomplete, or unverifiable information.
Right to Limit Prescreened offers of Credit and Insurance Based on Your Credit Report
You may opt out with nationwide credit bureaus by calling a toll-free number. Unsolicited prescreened offers are required to include a toll-free number you can call to have your name and address removed from the list.
Credit Reporting Agency Requirements under the Fair Credit Reporting Act
Credit and consumer reporting agencies may not report negative information about you that is more than seven years old or a bankruptcy that is more than 10 years old. They may provide information about you only to those with a valid need for access, such as a potential creditor, employer, insurer, or landlord.
A credit reporting agency is not allowed to provide information about you to an employer or potential employer without your written consent, except in the trucking industry. If any consumer reporting agency, user of consumer reports, or provider of information to a consumer reporting agency violates the Fair Credit Reporting Act, you may be eligible to sue for damages in state or federal court.
Connect with Cogburn Law Offices in Las Vegas
Contact our experienced team of attorneys at Cogburn Law Offices today for a free case consultation about violations of the Fair Credit Reporting Act. You have rights – we can help.