Can I get a free credit report? What information is in my credit file?
A Summary Of Major Consumer Rights Under The Fair Credit Reporting Act*
The federal Fair Credit Reporting Act (“FCRA”) promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. There are many types of consumer reporting agencies, including credit bureaus and specialty agencies, such as agencies that sell information about check writing histories, medical records, and rental history records.
You must be told if information in your file has been used against you. Anyone who uses a credit report or another type of consumer report to deny your application for credit, insurance, or employment – or to take another adverse action against you – must tell you, and must give you the name, address, and phone number of the agency that provided the information.
You have the right to know what is in your file. You may request and obtain all the information about you in the files of a consumer reporting agency (your “file disclosure”). You will be required to provide proper identification, which may include your Social Security number. In many cases, the disclosure will be free.
You are entitled to a free file disclosure if:
- a person has taken adverse action against you because of information in your credit report;
- you are the victim of identity theft and place a fraud alert in your file;
- your file contains inaccurate information as a result of fraud;
- you are on public assistance;
- you are unemployed but expect to apply for employment within 60 days.
All consumers are entitled to one free disclosure every 12 months upon request from each nationwide credit bureau and from nationwide specialty consumer reporting agencies.
You have the right to ask for a credit score. Credit scores are numerical summaries of your credit-worthiness based on information from credit bureaus. You may request a credit score from consumer reporting agencies that create scores or distribute scores used in residential real property loans, but you will have to pay for it. In some mortgage transactions, you will receive credit score information for free from the mortgage lender.
You have the right to dispute incomplete or inaccurate information. If you identify information in your file that is incomplete or inaccurate, and report it to the consumer reporting agency, the agency must investigate unless your dispute is frivolous.
Consumer reporting agencies must correct or delete inaccurate, incomplete, or unverifiable information. Inaccurate, incomplete, or unverifiable information must be removed or corrected, usually within 30 days. A consumer reporting agency, however, may continue to report information it has verified as accurate.
Consumer reporting agencies may not report outdated negative information. In most cases, a consumer reporting agency may not report negative information that is more than seven years old, or bankruptcies that are more than 10 years old.
Access to your file is limited. A consumer reporting agency may provide information about you only to people with a valid need – usually to consider an application with a creditor, insurer, employer, landlord, or other business.
You must give your consent for reports to be provided to employers. A consumer reporting agency may not give out information about you to your employer, or a potential employer, without your written consent given to the employer. Written consent generally is not required in the trucking industry.
You may limit “prescreened” offers of credit and insurance you get based on information in your credit report. Unsolicited “prescreened” offers for credit and insurance must include a toll-free phone number you can call if you choose to remove your name and address form the lists these offers are based on. You may opt out with the nationwide credit bureaus at 1-888-5-OPTOUT (1-888-567-8688).
An FCRA Right With Respect To Nationwide Consumer Reporting Agencies – Consumers Have The Right To Obtain A Security Freeze
You have a right to place a “security freeze” on your credit report, which will prohibit a consumer reporting agency from releasing information in your credit report without your express authorization.
The security freeze is designed to prevent credit, loans, and services from being approved in your name without your consent. You, however, should be aware that using a security freeze to take control over who gets access to the personal and financial information in your credit report may delay, interfere with, or prohibit the timely approval of any subsequent request or application you make regarding a new loan, credit, mortgage, or any other account involving the extension of credit.
As an alternative to a security freeze, you have the right to place an initial or extended fraud alert on your credit file at no cost. An initial fraud alert is a one-year alert that is placed on a consumer’s credit file. Upon seeing a fraud alert display on a consumer’s credit file, a business is required to take steps to verify the consumer’s identity before extending new credit. If you are a victim of identity theft, you are entitled to an extended fraud alert, which is a fraud alert lasting 7 years.
A security freeze does not apply to a person or entity, or its affiliates, or collection agencies acting on behalf of the person or entity, with which you have an existing account that requests information in your credit report for the purposes of reviewing or collecting the account. Reviewing the account includes activities related to account maintenance, monitoring, credit line increases, and account upgrades and enhancements.
Common Errors You Should Look For On Your Credit Report
- Errors made to your identity information (e.g., wrong name, phone number, address)
- Accounts belonging to another person with the same or a similar name as yours (known as a “mixed file”)
- Incorrect accounts resulting from identity theft
Incorrect Reporting Of Account Status
- Closed accounts reported as open
- You are reported as the owner of the account, when you are actually just an authorized user
- Accounts that are incorrectly reported as late or delinquent
- Incorrect date of last payment, date opened, or date of first delinquency
- Same debt listed more than once (possibly with different names)
Data Management Errors
- Reinsertion of incorrect information after it was corrected
- Accounts that appear multiple times with different creditors listed, especially in the case of delinquent accounts or accounts in collections
- Accounts with an incorrect current balance
- Accounts with an incorrect credit limit
For more information about disputing credit report errors, please click Can I fix errors on my credit report?
Can I Take Legal Action If I Have Been Harmed By Violations Of The Fair Credit Reporting Act?
Yes, you may seek damages from violators. If a consumer reporting agency, or, in some cases, a user of consumer reports or a furnisher of information to a consumer reporting agency violates the FCRA, you may be able to sue in state or federal court. States also may enforce the FCRA, and many states have their own consumer reporting laws. In some cases, you may have more rights under state law.
Have You Been The Victim Of Fair Credit Reporting Act Violations?
Individuals who believe they have been harmed by violations of the Fair Credit Reporting Act are encouraged to contact Kehoe Law Firm, P.C. for a free, no-obligation evaluation of potential legal claims by completing the form above on the right or via e-mail to [email protected]
Kehoe Law Firm, P.C.
*Source: Consumer Financial Protection Bureau, Consumerfinance.gov (Accessed 01.31.2022)