Credit and Your Rights

Understanding your rights as they relate to your credit report is important so that you can take action against financial institutions and organizations that have treated you unfairly or acted illegally.

The Fair Credit Act promotes the accuracy and privacy of your credit file information at the nation’s credit reporting companies (credit bureaus). This is important because the information they have in your file can affect whether you can get a loan and the interest rate you pay. There are three national credit bureaus, they are: Experian, Equifax, and Transunion.

The Fair Credit Act guarantees you the following rights as they relate to your credit file:

• You must be told if information in your file has been used against you
• You have the right to know what is in your file
• You have the right to ask for a credit score
• You have the right to dispute incomplete or inaccurate information
• Consumer reporting agencies must correct or delete inaccurate, incomplete, or unverifiable information
• Consumer reporting agencies may not report outdated negative information
• Access to your file is limited
• You must give your consent for reports to be provided to employers
• You may limit “pre-screened” offers of credit and insurance you get based on information in your credit report
• You may seek damages from violators
• Identity theft victims and active duty military personnel have additional rights