How To Use [Fair Credit Reporting Act] To Protect Your Credit Score

According to the FTC, the  Fair Credit Reporting Act, FCRA went into effect in 1971.

It was intended to ensure that consumer reporting agencies, or CRAs, “provide correct and complete information to businesses for use.”

To help ensure that the information is correct and complete.

The Act requires consumers to check their own reports and make changes as needed.

It is our right under the FCRA to protect our Credit Scores:

  • the right to receive an entire copy of your credit history.
  • the right to know the name and address of a CRA, a lender, or a credit card company.
  • If your credit provider or another company has contacted you, and that company has denied your credit application.
  • the ability to challenge the accuracy or completeness of the information contained in your credit score.
  • the right to a government investigation CRA within 30 days of filing your report an inaccuracy.
  • within 30 days, the right to have inaccurate information removed.
  • the ability to limit access to your credit report to those with a “permissible purpose”.

You can now obtain your credit score or copies of your credit reports very easily.

You can obtain your credit reports from a variety of sources, either online or by mail.

Furthermore, lenders will usually inform you when you apply for a loan and your credit score.

Or you can simply check your credit score using online banking of a credit card issuer such as Chase.

There is a growing concern about mistakes in consumer credit histories.

And the rise in identity theft and other forms of fraud.

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That’s why we can use our rights to protect our credit scores.

A good credit score means money.

A good credit score means easy home ownership.

So we have to check our credit reports yearly and our credit score monthly.

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