What You Need to Know About Credit Reports and Your Rights
Found an error in your credit report? Do you want to dispute the information on your credit report? Curious as to what is in your credit report?
The Fair Credit Reporting Act (FCRA) protects your rights when it comes to credit reports and credit bureaus. What this means for you is that the information in your credit report must be accurate, fair, and private. And if you’re in the market to rent, more likely than not, your landlord will want to know your credit history, and that means, they will probably be looking at your credit report. But you, too, should know what’s in your credit report to make sure there are no errors that could prevent you from getting that rental — and even more, like the best terms on a car loan or mortgage.
Top 3 tips on what you need to know about FCRA:
1 — You have the right to know what is in your credit reports.
FCRA requires that credit reporting agencies provide you with a free credit report every 12 months.
You are also entitled to a free file disclosure if: (a) adverse action has been taken against you as a result of what is in your credit report; (b)you are a victim of identify theft; © you file has inaccurate information due to fraud; (d) you are unemployed and expect to apply for employment within 60 days; and (e) you are on public assistance.
2 — You have the right to know if adverse action has been taken against you.
If your file has been used to take adverse action against you, then you must be notified of such action. You must also be provided with the name, address, and phone number of the agency that was provided the information.
3 — You have the right to dispute errors in your credit report.
You can dispute incomplete or inaccurate information, and request the information be deleted or corrected. In order to do this, you must contact the credit bureau, or the party who provided the incorrect information to the credit bureau. Your dispute must be investigated within 30 days, and the credit bureau must correct or delete inaccurate, incomplete, or unverifiable information. Upon completion of your investigation, the credit bureau must provide their findings in writing and a free copy of your report if there is a change due to your dispute. This report does not count as your free annual report.
Credit follows you for your whole life, so know your rights and how to proactively impact your credit score, which can include on time rental payments.
Solutions like RentReporters are empowering people to change the course of their financial future by reporting on time rental payments to the major credit bureaus. By the simple act of reporting on time payments, your credit score can change, providing access to more and better financial products and services. And here at RentReporters, changing a credit score is not about merely changing a number. Rather, it’s about the creation of a path to life changing opportunities like being billed for your utilities rather than prepaying for them, and even getting a car loan and a home mortgage.
“What You Need to Know About Credit Reports and Your Rights” was originally published to www.RentReporters.com