Since I wrote about the Credit act, maybe we should talk a bit about it.
Do you know what’s in your credit report? Under the terms of the Fair Credit Reporting Act (FCRA), you have every right to know exactly what credit reporting agencies are saying about you. That’s only one of the rights that the FCRA guarantees you – and every consumer.
The FCRA is meant to ensure accuracy and privacy of your credit report or consumer history. Businesses that use credit histories to determine whether to lend you money or offer you credit are bound to follow guidelines that are set out by the FCRA. In addition, any agency that collects debts must also follow certain guidelines that are set out by the law. The provisions of the FCRA detail how long particular financial information may be retained on your report, specify ways for you to make corrections to information that is in your credit history, guarantee your right to see your credit report, and give you rights when dealing with creditors.