The Fair Credit Reporting Act, the law that protects consumers’ credit report rights, is a federal statute that regulates how businesses compile, maintain, and use consumer credit information. The FCRA was enacted in 1970 and has been amended several times since then to reflect new technologies and industry developments.
This article’s purpose is not only to inform you of your rights under the FCRA but also to guide you through any disputes or errors in your report so that you can make an informed decision about your next course of action.
Credit Reporting Agencies Must Provide Your Credit Report Upon Request
Once per year, you are entitled to a free copy of your credit report from each of the three main credit reporting agencies. If you believe your report contains an error, you have the right to dispute it with the relevant agency and request an investigation into its accuracy and completeness. According to attorney Nathan DeLadurantey, you also have the right to add a statement explaining why an item should not be included in your file or if there is information that requires updating or correction, such as an erroneous address or phone number listed in error for you.
The Right To Dispute Inaccurate Or Incomplete Information On Your Credit Report
You have the right to dispute inaccurate or incomplete information on your credit report. Nathan DeLadurantey If you believe that something in your report is wrong, you can contact the credit reporting agency and ask them to investigate. The agency must respond within 30 days of receiving your dispute and either correct or delete any incorrect information. They are not allowed to charge a fee for correcting or deleting inaccurate information, even if it results in an amended report being issued later on.
Any Seven-Year-Old Negative Information On Your Report Might Be Disputed
You have the right to challenge inaccurate information that has been on your credit report for at least seven years. Information that is incorrect but unverifiable might also be contested. You should also think about challenging an item on your report if it is true but irrelevant.