About the Fair Credit Reporting Act

The Fair Credit Reporting Act (FCRA) went into effect in the 1970s and is meant to regulate the credit reporting industry, including the credit reporting agencies.

The system depends on fair and accurate credit reporting - something you know is true if you've ever found an error or mistake on your credit report.

Because credit reporting agencies have a huge impact on your creditworthiness and financial situation, one of the main goals of FCRA litigation is to hold credit reporting agencies accountable for unfair actions and failing to maintain your right to privacy.

Your Rights Under the Fair Credit Reporting Act

You have several legal rights in regard to reported credit information and credit history, including procedures for correcting your credit report and a way to seek justice in the form of penalties against violators.

Here are some of your major FCRA rights:

  • Denials. If your credit report has been used against you to deny you credit, employment, or insurance, then the person or entity that denied you must tell you this and give you the contact information for the reporting agency that provided the information.
  • Free reports. You have the right to a free credit report from each of the three major credit bureaus once per year. Also, you can get an additional credit report, for example, if adverse action was taken against you because of your credit, or because you're a victim of identity theft with a fraud alert on your file.
  • Credit scores. You have the right to ask for your credit score (but you'll most likely have to purchase the information).
  • Fixing mistakes. Consumer reporting agencies must correct or delete information that is inaccurate, incomplete, or unverifiable.
  • Old information. Outdated negative information may not be reported.
  • Consent. You must give written consent before your information can be given to an employer or potential employer.

Contact the Consumer Rights Lawyers of Billbusters, Ledford, Wu & Borges, LLC

You have other rights under the Fair Credit Reporting Act that aren't listed above. If you believe that your credit has been negatively affected, consult with an experienced consumer rights attorney right away.

At Billbusters, Ledford, Wu & Borges, LLC, based in Chicago and serving people throughout Chicagoland, we help clients in state and federal court protect their rights. Call 312-574-3327 or contact us online for a free consultation.

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