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Credit
Reporting Agencies and Your
Consumer Rights |
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Consumer credit
reporting agencies (CRAs) collect credit information on you from banks, department
stores, credit card companies, and other types of financial institutions that may extend
you credit. |
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CRAs make money selling the information they have in their databank, including
information about your credit profile.
Because of this, it is only prudent that you:
exercise your legal rights as a consumer
know what is in your credit file
make sure they are accurate
challenge it and have it corrected when necessary.
CRAs are required by the Fair Credit Reporting Act to tell you
the contents of your file.
There are several ways to contact a CRA:
IF DECLINED FOR A LOAN, call the lender who is required by the FCRA
to give you the name, address and phone number of the CRA it used in evaluating your loan
application.
IF YOUR REPORT CONTAINS INACCURATE INFORMATION, you may challenge the
inclusion of it in your file
IF A LENDER HAS MAD AN ERROR, point it out to the lender and request
that corrected information be sent to the CRA.
IF YOU'RE JUST CURIOUS, you can find out the contents of your file by
calling the CRA nearest you. They are usually listed in the phonebook under Credit
Reporting Agencies.
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Articles Index
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