The Fair Credit Reporting Act (FCRA) has been produced to guard the actual rights of shoppers. Are you mindful of the particular conditions and terms of the FCRA? Understanding your privileges as well as limitations will help you prevent bad credit or even improve your personal credit. In this informative article, let’s take a close look at some of these conditions and terms.
Free Annual Credit Report
Under the FCRA, all consumers are entitled to obtain one free of charge credit report through each credit reporting agency annually. The 3 main credit bureaus (Experian, Equifax, TransUnion) has set up an official website in which consumers may request for their own free annual credit report. You can get all your 3 reports simultaneously or order a single copy at a time throughout the year.
To obtain your own free of charge report, go to www.annualcreditreport.com or even print out the Annual Credit Report Request Service form in the FTC’s website (ftc.gov/credit) and send out it via post mail to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. You may also request by means of phone through calling this toll-free number, 1-877-322-8228.
You’ll be asked to provide personal information such as your name, address, Social Security Number, as well as date of birth. Therefore, it is vital to make sure that you are on the official website whenever seeking for the free online credit report. Instead of clicking on a link, our recommendation is that you manually type the particular URL (http://www.annualcreditreport.com) in the address bar of your browser.
Take note that annualcreditreport.com is the only website authorized by the government to distribute free of charge consumer credit reports. You may run into some other websites that provide free credit reports but these sites could be owned by unscrupulous lenders or identity thieves who’re attempting to victimize people.
Free Credit Reports
There are also other circumstances in which entitle consumers to a free credit report. For example, if you think you’ve been a victim of identity theft, or maybe if you have been denied by a creditor on account of your credit history, you are able to request for a totally free report. You also can ask for your totally free credit report if you’re jobless and also intends to look for a job within the next 60 days.
The Right to Dispute
Based on the FCRA, consumers have the right to dispute errors and also not authorized fees in their credit reports. You may also request the particular bureau to remove obsolete information from your file especially when they’re derogatory. Examples of negative remarks which should not really stay in your file for more than seven years are usually bankruptcy, tax liens and court judgments.
If you discovered errors in your credit report, you can send a credit dispute letter to the bureau which released the report. In your letter, you should clearly identify those items in your document which needs to be remedied. In applicable, include copies of documents to support your claim.
The Right to Free or Affordable Credit Repair Service
Under the law, the legitimate credit repair agency must supply a customer with a copy of the “Consumer Credit File Rights under State and Federal Law” before signing an agreement. This document stipulates the consumer’s rights and responsibilities to ensure that you will not be scammed or perhaps ripped-off by deceptive credit repair agencies.