Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
2Activity
0 of .
Results for:
No results containing your search query
P. 1
The Fair Credit Reporting Act Provides Important Consumer Protections

The Fair Credit Reporting Act Provides Important Consumer Protections

Ratings: (0)|Views: 9|Likes:
Congress enacted the Fair Credit Reporting Act (FCRA) to provide consumers with important consumer rights regarding the information found in their credit reports. The FCRA also provides consumers a valuable opportunity to correct erroneous or inaccurate information in their reports.
Congress enacted the Fair Credit Reporting Act (FCRA) to provide consumers with important consumer rights regarding the information found in their credit reports. The FCRA also provides consumers a valuable opportunity to correct erroneous or inaccurate information in their reports.

More info:

Categories:Types, Business/Law
Published by: Consumer Litigation Group on Jan 15, 2012
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

09/14/2014

pdf

text

original

 
http://www.consumerlitigators.com/2265/fair-credit/the-fair-credit-reporting-act-provides-important-consumer-protections/January 14, 2012
The Fair Credit Reporting Act Provides ImportantConsumer Protections
byJoseph Mullaneyon January 14, 2012 ·1 comment  An Inaccurate Credit Report Can be CorrectedCongress enacted the
Fair Credit Reporting Act
(FCRA) to provide consumers with importantconsumer rights regarding the information found intheir credit reports. The FCRA also providesconsumers a valuable opportunity to correcterroneous or inaccurate information in their reports.Originally passed in 1970, the Fair and AccurateCredit Transactions Act of 2003 made substantialchanges to the FCRA. Now, the Fair CreditReporting Act addresses not only the accuracy of credit reports, but also offers identity theft protectionand restricts unsolicited marketing of financial products to consumers. Despite these valuablerights, many consumers are not aware of them.
Basic Protections Under the Fair Credit Reporting Act
One of the biggest changes to the FCRA in 2003 was that consumers were given the right toreceive one free credit report per year. Prior to this change, credit bureaus were generallypermitted to charge fees when a consumer requested a credit report. A consumer is also permittedto receive a free report if a company denies credit or employment, or offers them a higher interestrate based on information reported by the credit reporting agency. Consumers also have the rightto dispute any inaccurate information with both the reporting agency and the company that providedthe information. The law also addresses identity theft, heightens accuracy requirements, andcomprehensive reinvestigation processes.
Common Fair Credit Reporting Act Violations
Unfortunately, violations of the FCRAcontinueto occur regularly and most consumers are unaware of these violations until they need their credit report accurate. By then, it is often too late. The mostcommon ways that creditors and credit reporting agencies violate the Fair Credit Reporting Actinclude:Mixing credit files between people with similar names or differing generations, such as Jr., Sr.and IIIIdentity theft cases are among the most common violations as the 2003 changes to the lawspecifically addressed how identity theft reports must be handled, yet few creditors or reportingagencies are following these guidelines.Reporting authorized users as being responsible for accounts as co-debtorsFailing to provide adverse action notices by creditors to consumers prior to reporting negativeinformation to credit reporting agenciesAltering the date of last activity in an effort to keep negative information in a credit report for alonger period of time

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->