Your Rights Under The Fair Credit Reporting Act

Your Rights Under The Fair Credit Reporting Act

As a consumer, you have a number of rights that may help you retain control and confidence in the face of considerable debt. Among these are the protections you enjoy under the Fair Credit Reporting Act (FCRA), which seeks to promote fair and accurate practices within credit bureaus. If you find that some party or another violates your rights, you may have grounds to pursue legal action against them in addition to enforcing your rights.

Under the FCRA, consumers have the right to

  • Limit the number and type of "prescreened" credit offers they receive from potential lenders
  • Limit who can access their credit files
  • Know their individual credit scores
  • Know other information within a credit report
  • Dispute information within a credit report they believe is incomplete or inaccurate
  • Know which information contributed to an application denial

If you believe that you have suffered unfairly because of illegal or unethical credit practices by lenders, insurers or potential employers, then you should carefully consider all the legal tools you have available. In some cases, you may merely need to inform the offending party of your rights and instruct them to reconsider the actions taken that violated your rights. In other cases, you may need to take stronger actions and consider some form of legal action.

An experienced attorney can help you assess your financial needs and determine an efficient way to overcome your credit and debt concerns. In many cases, the most effective tool available is a form of bankruptcy, especially if your credit is already seriously compromised. Be sure to take all the steps necessary to address your needs while keeping your rights secure from violation.