Credit Report

The Fair Credit Reporting Act (FCRA)

• The Fair Credit Reporting Act (FCRA), enforced by the Federal Trade Commission (FTC), is designed to promote accuracy and ensure the privacy of the information used in consumer reports. Recent amendments to the Act expand your rights and place additional requirements on Consumer Reporting Agencies (CRAs). Businesses that supply information about you to Consumer Reporting Agencies (CRAs) and those that use consumer reports also have new responsibilities under the law.
  
  
• Note that you may have additional rights under state laws. Contact your state attorney general (AG) or local consumer protection agency for more information. Anyone who takes action against you in response to a report supplied by a CRA, such as denying your application for credit, insurance, or employment, must give you the name, address, and telephone number of the CRA that provided the report.

• The Fair Credit Reporting Act (FCRA) specifies who can access your credit report. Creditors, insurers, employers, and other businesses that use the information in your report to evaluate your applications for credit, insurance, employment, or renting a home are among those that have a legal right to access your report.
  
  
• Your employer can't get a copy of your credit report unless you say it's okay. A Consumer Reporting Agency (CRA) may not provide information about you to your employer, or to a prospective employer, without your written consent. Also, creditors, employers, or insurers can't get your credit report that contains medical information about you without your approval.
  
  
• Only people with a legitimate business need, as recognized by the Fair Credit Reporting Act (FCRA) can get a copy of your consumer report. For example, a company is allowed to get your report if you apply for credit, insurance, employment, or to rent an apartment.
  
  

Other Laws You Should Know About

• If your credit application was denied, the Equal Credit Opportunity Act (ECOA) requires creditors to specify why, if you ask. For example, the creditor must tell you whether you were denied because you have "no credit file" with a CRA or because the CRA says you have "delinquent obligations." The ECOA also requires creditors to consider additional information you might supply about your credit history. You may want to find out why the creditor denied your application before you contact the CRA.
  
  
• You may sue a CRA, a user or -- in some cases -- a provider of CRA data, in state or federal court for most violations of the FCRA. If you win, the defendant will have to pay damages and reimburse you for attorney fees to the extent ordered by the court.
  
  

Where to Report Violations of the Law

• Although the Federal Trade Commission (FTC) can't act as your lawyer in private disputes, information about your experiences and concerns is vital to the enforcement of the Fair Credit Reporting Act. Send your questions or complaints to:
  
  
  • Consumer Response Center -- FCRA
    Federal Trade Commission
    Washington, D.C. 20580
    or call toll free 1-877-FTC-HELP (1-877-382-4357), TTY: 1-866-653-4261, or use the complaint form at www.ftc.gov
    
    
• For more information visit the Federal Trade Commission (FTC) website at www.ftc.gov.
  
  
  

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