| Over 150 million Americans have credit report with | | | | information in your credit report. To protect all your |
| the three major credit reporting agencies. | | | | rights under this law, contact both the Consumer |
| Approximately 50 million of these credit reports | | | | Reporting Agencies and the information provider. See |
| contain errors, many of which are inaccurate. Do you | | | | credit repair article by credit and Q. Can my employer |
| know what’s on your credit report? | | | | get my credit report? |
| If you’ve ever applied for a charge account, | | | | A. Only if you say it’s okay. A consumer |
| a personal loan, insurance or a job, there’s a | | | | reporting agencies may not supply information about |
| credit report about you. This credit report contains | | | | you to your employer, or to a prospective employer |
| information on where you work and live, how you | | | | without your consent. |
| pay your bills, and whether you’ve been | | | | Q. Can creditors, employers or insurers get a report |
| sued, or filed for bankruptcy. | | | | that contains medical information about me? |
| About The Fair Credit Reporting Act? (FCRA) | | | | A. Not without your approval. |
| The Fair Credit Reporting Act was the first federal | | | | Q. How can I stop a consumer reporting agencies |
| law to regulate the use of personal information by | | | | from including me on lists for unsolicited credit and |
| private business. It was all the way back in 1899 that | | | | insurance offers? |
| the first major credit reporting agency was started. | | | | A. Creditors and Insurers may use consumer |
| Over time, credit reporting grew into a huge industry | | | | reporting agencies file information as a basis for |
| and, by the late 1960’s, became surrounded | | | | sending you unsolicited offers. These offers must |
| by controversy. | | | | include a toll free number for you to call if you want |
| Credit reports from the Credit Reporting Agencies | | | | to remove your name and address from lists for two |
| were being used to deny services and opportunities. | | | | years, completing a form that the consumer |
| At that time, you would have had no right to see | | | | reporting agencies provides for this purpose will keep |
| what was in your credit report. The FCRA was | | | | your name off lists permanently. |
| passed in 1970 and fortunately now you have that | | | | Q. Do I have the right to sue for damages? |
| right. | | | | A. You may sue a consumer reporting agency, a user |
| On December 4, 2000 President George Bush signed | | | | or in some cases a provider of consumer reporting |
| into law the first phase of the Fair And Accurate | | | | agency data in state or federal court for most |
| Credit Transactions Act (FACT Act), which amends | | | | violations of the FCRA. If you win, the defendant will |
| the FCRA. The FACT Act establishes the Financial | | | | have to pay damages to reimburse you for attorney |
| Literacy and Education Commission and calls for a | | | | fees to the extent ordered by the court. |
| national financial literacy campaign. | | | | Q. Are there other laws I should know about? |
| The act addresses consumer’s rights to | | | | A. Yes. If your credit application was denied, the |
| understand and protect the information in their credit | | | | Equal Credit Opportunity Act (ECOA) requires |
| report and to get help when their financial information | | | | creditors to specify why if you ask. For example, the |
| has been stolen. It also restricts the use of medical | | | | creditor must tell you whether you were denied |
| information in determining a consumer’s | | | | because you have no credit report with a consumer |
| eligibility for credit, and also limits the sharing of | | | | reporting agency or because the consumer reporting |
| medical information with affiliated companies under | | | | agency says you have delinquent obligations. The |
| certain circumstances. | | | | ECOA also requires creditors to consider additional |
| Here are some questions consumers commonly ask | | | | information you might supply about your credit |
| about credit reports, Consumer Reporting Agencies | | | | history. You may want to find out why the creditor |
| and the answers. Note that you may have additional | | | | denied your application before you contact the |
| rights under state laws. You can contact your state | | | | consumer reporting agencies. See Equal Credit |
| Attorney General or local consumer protection | | | | Opportunity Act article by credit and Stay On Top |
| agency for more information. You also have | | | | Of Your Credit … |
| information and resources at your disposal 24/7 at: | | | | Before financing anything, car, furniture, or a home, |
| Q. What can I do about inaccurate or incomplete | | | | it’s a god idea to make sure your credit |
| information? | | | | report is clean. Errors can often be quickly removed. |
| A. Under the new law, both the Consumer Reporting | | | | And no sales person should ever know more about |
| Agencies and the information provider have | | | | your credit report than you. |
| responsibilities for correcting inaccurate or incomplete | | | | |