Fair Credit Reporting Act
The Fair Credit Reporting Act (FCRA) governs and restricts how Credit Reporting Agencies (CRAs - the entities such as Experian, TransUnion and Equifax that monitor you credit history in the form of credit reports) can use, collect, maintain, categorize and disseminate that information. If you have an error in your credit report - e.g., an account listed as delinquent that isn't, or an account you never opened - then the FCRA is the federal legislation providing your remedy.The FCRA also governs two other types of entities or businesses - the furnishers of credit information (typically your creditors) and the users of such information (typically other creditors, as well as landlords, potential employers, and others - anyone who obtains access to your credit report by subscribing to one or more of the CRAs). Furnishers are obligated to provide fully truthful and accurate information to CRAs, to investigate promptly any alleged inaccuracies, and to notify consumers when negative information is about to be submitted. Users, in turn, are obligated to inform consumers when negative action has been taken on the basis of a consumer's credit report and to disclose the company providing that report.
FACTA
The Fair and Accurate Credit Transactions Act (FACTA) was passed in 2003 as an amendment to FCRA. Under this act, consumers may obtain a copy of their credit reports from each of the three major CRAs once every year. To obtain your credit report under this act at no charge, visit http://www.annualcreditreport.com.NOTE: Other sites are publicized as offering free reports. Annualcreditreport.com is the only site associated with FACTA. Many of the other publicized sites are deceptive in nature - offering "free" reports but then offering additional services for a fee. Visit annualcreditreport.com for a truly free report from each of the three CRAs.
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