What are the rights under the Fair Credit Reporting Act?
The FCRA gives you the right to be told if information in your credit file is used against you to deny your application for credit, employment or insurance. The FCRA also gives you the right to request and access all the information a consumer reporting agency has about you (this is called “file disclosure”).
What is the purpose of the Fair Credit Reporting Act?
The Act (Title VI of the Consumer Credit Protection Act) protects information collected by consumer reporting agencies such as credit bureaus, medical information companies and tenant screening services. Information in a consumer report cannot be provided to anyone who does not have a purpose specified in the Act.
How does the Fair Credit Reporting Act protect consumer rights quizlet?
How does the Fair Credit Reporting Act protect consumer rights? By providing a way to correct mistakes on their credit reports.
What is the importance of the Fair Credit Reporting Act quizlet?
The Fair Credit Reporting Act of 1970 ensures that consumer reporting agencies use procedures which are fair and equitable to the consumer with regard to the confidentiality, accuracy, and relevancy of personal information.
What is the basis for consumer protection law?
To ensure the smooth operation of our free market system, the FTC enforces federal consumer protection laws that prevent fraud, deception, and unfair business practices. The Federal Trade Commission Act allows the FTC to act in the interest of all consumers to prevent deceptive and unfair acts or practices.
What are your rights under the Fair Credit Reporting Act?
A Summary of Your Rights Under the Fair Credit Reporting Act. The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of. information in the files of consumer reporting agencies.
How old does a credit report have to be to not report it?
• Consumer reporting agencies may not report outdated negative information. In most cases, a consumer reporting agency may not report negative information that is more than seven years old, or bankruptcies that are more than 10 years old.
What are the rights of a consumer reporting agency?
Access to your file is limited. A consumer reporting agency may provide information about you only to people with a valid need – usually to consider an application with a creditor, insurer, employer, landlord, or other business. The FCRA specifies those with a valid need for access.
Where can I get information about my rights under the FCRA?
States may enforce the FCRA, and many states have their own consumer reporting laws. In some cases, you may have more rights under state law. For more information, contact your state or local consumer protection agency or your state Attorney General. For information about your federal rights, contact: