| Your credit payment history is recorded
in a file or report. These files or reports are maintained and sold
by "consumer reporting agencies" (CRAs).
One type of CRA is commonly known as a credit bureau. You have
a credit record on file at a credit bureau if you have ever applied
for a credit or charge account, a personal loan, insurance, or a
job. Your credit record contains information about your income,
debts, and credit payment history. It also indicates whether you
have been sued, arrested, or have filed for bankruptcy.
The Fair Credit Reporting Act (FCRA) is designed to help ensure
that CRAs furnish correct and complete information to businesses
to use when evaluating your application.
Your rights under the Fair Credit Reporting Act:
You have the right to receive a copy of your credit report. The
copy of your report must contain all of the information in your
file at the time of your request.
You have the right to know the name of anyone who received your
credit report in the last year for most purposes or in the last
two years for employment purposes. Any company that denies your
application must supply the name and address of the CRA they contacted,
provided the denial was based on information given by the CRA.
You have the right to a free copy of your credit report when your
application is denied because of information supplied by the CRA.
Your request must be made within 60 days of receiving your denial
notice.
If you contest the completeness or accuracy of information in your
report, you should file a dispute with the CRA and with the company
that furnished the information to the CRA. Both the CRA and the
furnisher of information are legally obligated to investigate your
dispute. You have a right to add a summary explanation to your credit
report if your dispute is not resolved to your satisfaction.
Credit Reporting Agencies:
Trans Union
www.transunion.com
Experian
www.experian.com
Equifax
www.equifax.com
This information is adapted from "Bound for Good Credit"
published by the Federal Trade Commission.
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