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How the FCRA powers your Undo
The Fair Credit Reporting Act (FCRA) is a federal law enacted in 1970 to promote the accuracy, fairness, and privacy of information in the files of credit reporting agencies. It regulates how agencies collect, access, and share your information.
Key Provisions of the FCRA
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Access to Your Credit Report
The FCRA ensures that you have the right to access your credit report. You're entitled to obtain a free copy of your credit report from each of the major credit reporting agencies—Equifax, Experian, and TransUnion—once every week. This allows you to monitor your credit history and address any inaccuracies.
Adverse Action Notifications
If a company takes adverse action against you—such as denying credit, employment, or housing—based on information in your credit report or background check, the FCRA requires them to notify you. This notice provides an opportunity to review and dispute any inaccuracies that may have influenced their decision. MyCreditUnion.gov Federal Trade Commission
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Dispute Process
The FCRA mandates that reporting agencies investigate disputes regarding the accuracy of information in your credit report or background check. If you identify an error, they must conduct a reasonable investigation and correct any inaccuracies within thirty days.
Limits on Reporting Negative Information
The FCRA limits the time that negative information can remain on your credit report. Most negative items, such as late payments or defaults, can only be reported for up to seven years, ensuring that outdated information doesn't unfairly affect your creditworthiness. MyCreditUnion.gov
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Your Rights Under the FCRA
Accuracy
You have the right to have accurate and complete information in all reports, including credit, background, and tenant screening reports.
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Privacy
Your personal information may only be shared with organizations that have a legally permissible purpose under the FCRA.
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Access
You’re entitled to know what information is being reported about you and to dispute any errors or inaccuracies in your credit and background check reports.
