My Credit Report is Wrong, What Are My Rights?

    As consumers, we all have rights when it comes to our credit reports and credit scores. In this article I will give you some of the basics, but this is by no means a replacement for the information found on the Federal Trade Commission's website. This article is also not a substitute for legal counsel. If you feel like you have had your credit rights violated as a consumer, I urge you to contact an attorney.

     Most of our 'rights' or protection as consumers regarding our credit reports and credit scores come from the law: The Fair Credit Reporting Act (FCRA). There are many different types of credit reporting agencies that are governed by this law. In this article, I'll be writing about how this law primarily relates to the three major credit reporting bureaus: Experian, Equifax and Transunion. These three bureaus are primarily the bureaus that are exclusively used to obtain a consumer credit account, such as a home mortgage, an auto loan, or a credit card.

     Below you'll find a brief list and description of some of the major consumer credit report rights you have as specified by the FCRA: 

• You are entitled to a free copy of your credit report annually. You also have the right to get a copy of your report when: you have been denied credit based on the information in your credit report, your identity was stolen and you put a notice, or fraud alert on your credit report, you find incorrect information and it turns out to be from fraud, you don't have a job but expect to apply for one in the next 2 months or 60 days, or you are on some form of public assistance.

• You must be told if you were declined a job, insurance, or credit and the reason was because of something found on your credit report. The person and/or company who used the credit report information in the decision must tell you the name of the credit bureau and give you the contact information for the credit bureau.

• You can ask for your credit scores, the credit bureaus can't keep your scores from you. However, you will have to pay for the scores.

• Information on your credit report is supposed to be accurate. With this in mind, any 'incorrect' or 'inaccurate' information on your report can be challenged. (This is the basis for many credit repair companies - they challenge information all the time).

• Remember the guideline of 30 days. Typically, if you dispute information on your credit report, the creditors and credit bureaus have 30 days to prove that the information is accurate, valid, verified or the disputed item must be removed from your report.

• What goes on your credit must eventually come off. There are some specific things like a felony conviction, and IRS tax liens, that can stay on perhaps forever. Generally most things must come off your credit report in 7 years. A bankruptcy must come off in 10 years.

• Only those folks who need to see your credit report, can see your report. In general, you must give them permission to access your report. Your credit can be pulled if, for example, you are applying for credit or insurance, applying for rent, or looking for a job (you must give the employer a signed consent form authorizing them to pull credit).

• Companies have access to information in your credit reports and can solicit you. If you did not ask to be solicited, you may opt out of being contacted for these offers. There are two ways to do this: the offer from the solicitor is supposed to have a phone number that you can call to remove your name from their list, or you can call a national Opt Out hot line. This number is: 1-888-5-OPTOUT (1-888-567-8688).

• You have the right to seek damages from either the credit bureau(s) and/or the reporting entity associated with harm brought to you from items on your credit report if these items are in violation of the Fair Credit Reporting Act.

• And last, but not least, those of you in the military and for those of you who have had your identity stolen, you have some additional rights that you can find on the FTC website: Federal Trade Commission's website.

     These are the basics of your rights under the Fair Credit Reporting Act as they apply to your credit report and credit scores. There are several other acts that you have rights under that are associated with debt collection and collectors, among other things. These Acts are: the Fair Credit Billing Act (FCBA), and the Fair Debt Collections Practices Act (FDCPA).

     If you need to exercise any of these rights I just covered, make sure you get the answers you need to arm yourself to 'win.' Creditors and credit agencies have plenty of legal counsel at their finger tips. You will need to have your facts and figures straight to challenge what's on your credit report. If you have to escalate your complaint make sure you speak to an attorney. Always remember, the laws really are set up to protect you as a consumer.