Rights Listed under the Fair Credit Reporting Act
The Fair Credit Reporting Act (FCRA), Which initially started in 1970, was a way to help promote accuracy, fairness and privacy in regards to consumer information for consumer reporting agencies. At that time and even still today, consumers were known to be included in inaccurate information of their credit reports that potentially hurt their financial standing. Under the Fair Credit Reporting Act, Florida residents were given access the right to know their credit information as well as what information if any, is being used against them. There are many rights for consumers that are listed and explained under this piece of legislation.
People Have the Right to Know What is in Their Credit File
One of the reasons why this legislation was introduced in 1970 was because consumer reporting agencies were doing their work in secret without any explanation as to where the numbers were coming from or how they came to a conclusion. Under the Fair Credit Reporting Act, Florida residents have the right to know what consumer reporting agencies have on them with proper identification such as your social security number. Sometimes however, this disclosure will not be free, but this happens not very often as many companies disclose this information with the individual for free.
You Have the Right to Dispute Inaccurate or Incomplete Information
Many people back in the day were having their financial standing and financial reputations tarnished because of incomplete or inaccurate information that was being said by consumer reporting agencies. Because of the laws created by the Fair Credit Reporting Act, Florida residents have the right to dispute these claims if they can identify the erroneous information. The saving grace of the FCRA laws is that a consumer reporting agency has to investigate all claims unless they are obviously frivolous claims. People who have been victims of erroneous consumer reports have the right to seek damages for compensation.