Rights under the Fair Credit Reporting Act
The Fair Credit Reporting Act was designed to promote accuracy, fairness, and the right to privacy of information from consumer reporting agencies. Consumer reporting agencies are a big aspect of consumer’s credits and loans that can affect different aspects of their finances depending on what information is in their file. With the Fair Credit Reporting Act, Clearwater residents can have faulty, incomplete, or unverified information corrected within thirty days, so long as the consumer disputes the account with the credit reporting agency. However, if reports suggest that their information is accurate, even if it is detrimental to someone’s credit or loan chances, consumer reporting agencies may continue to report their findings. If this happens you can sue.
You Have the Right to Ask for a Credit Score
If other entities are able to monitor your consumer credit card history, even as an individual, you should also have accesses to the same results that credit and loan enterprises can view to approve or deny you. It is possible to request a credit score from consumer reporting agencies that create scores and distribute scored used in residential real estate property loans for example, but you would have to pay for it. In fact, in some instances of mortgage transactions after the implementation of the Fair Credit Reporting Act, Clearwater residents could receive credit score information free of charge from the mortgage lender.
Consumer Reporting Agencies Cannot Give Reports to Employers
Before the laws of the Fair Credit Reporting Act, Clearwater residents could have had their credit information sent to a current employer or an employer you might be working for in the future. Now the only way for a consumer reporting agency to send your information to an employer is if they have your written consent. In the past, access to financial records and standings could have led to an unfair interview or even discrimination in the workplace because as they choose not to hire you based on your credit information.