Your Credit Reports | 10 Legal Rights You Are Entitled To

Your Credit Reports | Legal Rights You Are Entitled To

Your credit report has a lot of information on it. It contains your personal information, debts and also the way you make payments. Your credit divisions have the responsibility of maintaining your credit report, there are rights that protect you from unfair practices. When you Know these rights, you can ensure surely the right information is listed on your credit report.

1. The right to have a view of your credit report | Your Credit Reports

There were a time credit reports were unavailable to consumers. But now the law has made it possible for cardholders or consumers to view their credit reports. The law is not limited to credit reports, but to other types of consumer reports that companies use to process applications.

2. The right to be aware or find out who had access to your credit report.

Your name will show in the survey section of the credit card if in any way a third party or someone gains access to your credit report.  You have to register to track your credit for you to be able to receive notifications on whether your credit card is being used. Get the latest copy of your credit report to find out who had access to your report.

3. The right to Get a free credit report yearly.

All consumers have the right to receive a free copy of their credit reports every year as an Act in the year 2003 was enacted into law which emphasized fair and honest credit transactions. Equifax, Experian, and Transition are the three major credit card companies that you can obtain a yearly free credit card report.  The only place where you can get the government’s annual credit report is at AnnualCreditReport.com.

4. You can also get a free credit report in other situations

You have the right to a free credit report under FCRA if you have been denied a product or service based on the information contained in the credit report of which this report must be made within 2 months.

5. The right for you to be notified if your credit report is used against you.

Probably you’ve requested for services and you were denied information due to your credit report, the company must inform you of the reason for the rejection. For recent applications, you also have the right to a free copy of the credit report used in the decision, with your application submitted within 60 days.

6. The right to question false information | Your Credit Reports

The moment you find false or incomplete information about your credit report, you can challenge this at your credit division. Your credit divisions are required to investigate the dispute with the company that provided the information. After the investigation, the credit bureaus must correct the credit report if the information is false.

7. The right to receive credit reports on time or as at when due

You might have a few false information remaining in your credit report for a certain period. For accounts that are negative, the term is seven years. But issues of bankruptcy may remain in the credit report for up to 10 years, depending on the type of bankruptcy. If the credit report remains negative after the deadline, you can use the credit report dispute to eliminate it.

8. Your Credit Report Enables You to Access Your Credit Score

Your credit score is a function of the information contained in your credit report. You are entitled to request a copy of your credit score. You can order your credit score from FICO or the credit division for a fee, but you as well obtain without payment through CreditKarma.com.

9. The right to reject Pre-Screened Offers Based on Your Credit Report

Your credit report is the reason why your mail is filled up with offers. You’re contacted by your credit card companies via your credit report to send offers that you may qualify for. You can opt-out of this notification by opting-out of pre-screened offers with a visit to ​www.optoutprescreen.com or call to 1-888-5OPTOUT (1-888-567-8688).

10. By Legal Right, You Can Sue Any Credit Company That Violate These Rights

You Have the Right to Sue in the Federal court for up to $1,000 any act of violation on your FCRA rights or even damages. You can also report the complaint to the Consumer Financial Protection Bureau, the FTC and your state Attorney General when credit bureaus and other businesses fail to comply with the FCRA.

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