#Fair #credit #report #act
Layman’s Guide to the Fair Credit Reporting Act (FCRA) by section:
go to Section 605B.
Section 606В – One of the main point of this section on investigate consumer reports, like employment reports, is that there are required disclosures that must be made to consumers — go to Section 606.
Section 607В – Compliance section, which means that CRA’s must maintain reasonable procedures to avoid violating Section 604 and 605 of the Act, such as providing obsolete information or furnishing reports for non permitted purposes — go to Section 607.
Section 608В – When a government agency can see your report and what they can see — go to Section 608.
Section 609В – What must be disclosed to consumers upon request — go to Section 609.
Section 610В – To obtain your own report, consumers must provide identification, and disclosures must generally be in writing — go to Section 610.
Section 611В – Procedures when the consumer disputes the accuracy or completeness of an item in their file — go to Section 611.
Section 612В – Not all credit reports are free, some may incur a fee — go to Section 612.
Section 613В – CRA’s must be careful about furnishing public records for employment reports — go to Section 613.
Section 614В – Talks about investigative consumer reports and using information from an old report — go to Section 614.
Section 615В – Users and others who obtain consumer reports have important responsibilities — go to Section 615.
Section 616В – Dollar liability for those who willfully violate the Act — go to Section 616.
Section 617В – Liability for those who are negligent in failing to comply with the Act — Section 617.
Section 618В – Bring actions in US district courts within a specified time frame — go to Section 618.
Section 619В – Fines and potential imprisonment for obtaining information under false pretenses — go to Section 619.
Section 620В – Fines and potential imprisonment for the officers and employees of the CRA — go to Section 620.
Section 621В – The Federal Trade Commission is the main enforcer of the Act — Section 621.
Section 622В – Requirements regarding the reporting of overdue child support — go to Section 622.
Section 623В – Companies that report your credit information have important responsibilities — Section 623.
Section 624В – Governs affiliates who may have access to the report for marketing etc. — go to Section 624.
Section 625В – Does not exempt state laws except to extent state law is inconsistent with this law — go to Section 625.
Section 626В – The FBI has special rights to see your file — go to Section 626.
Section 627В – Counterterrorism has special rights to see your file — go to Section 627.
Section 628В – Properly dispose of consumer information to protect the confidentiality of the information — go to Section 628.
Section 629В – Prevents consumer reporting agencies from circumventing the law — Section 629.
The Fair Credit Reporting Act (FCRA) is designed to help ensure that CRAs (Consumer Reporting Agencies, including credit bureaus and credit reporting companies) furnish correct and complete information to businesses to use when evaluating your application for credit, or insurance, or to employers or prospective employers.
Your rights under the Fair Credit Reporting Act include:
- You have the right to receive a copy of your credit report. The copy of your report must contain all of the information in your file at the time of your request.
- If you contest the completeness or accuracy of information in your report, you may file a dispute with the CRA and with the company that furnished the information to the CRA. Genrally both the CRA and the furnisher of information are legally obligated to reinvestigate your dispute as long as it is not frivolous.
- CRA’s must correct or remove inaccurate, incomplete or unverifiable information in their files. CRA’s must remove obsolete information in their files.
- If you are a victim of identity theft or are on active duty with the militar, you have more rights under the FCRA.
- Only those with a permitted purpose or with your express permission may access your file.
- Generally employers must have your express written permision to obtain your report.
- Any company that denies your application, or takes an adverse action against you, based on information obtained from a CRA, must inform you of the adverse action and must supply you with the name and address of the CRA they used.
- You have the right to a free copy of your credit report in numerous instances including when your application for credit or employment is adversely affected because of information supplied by the CRA. You can get a free credit report each year in any case.
- You may opt-out of lists provided by the national credit bureaus that are based on your credit file.
- You may sue under the FCRA for violations of the Act.
- Credit scores are available to you on request from from mortgage credit agencies and sometimes from mortgage lenders. There may be a fee for the score.