Credit Countdown to 2018 – Tip #4: Know Your Rights

 

When you start to build or improve your credit score for 2018, it’s important to know your rights. For instance, do you know what to do if you find an error in your credit report?

The Fair Credit Reporting Act (FCRA) protects your rights when it comes to credit reports and credit bureaus. Basically, the information in your credit report must be accurate, fair, and private.  So, it’s important that you know what’s in your credit report to make sure there are no errors that could prevent you from getting what you need, like renting that better apartment, and even more – like the best terms on a car loan or mortgage.

What you need to know about your rights under FCRA:

1 – You have the right to know what is in your credit reports.

FCRA requires that credit reporting agencies provide you with a free credit report every 12 months.

You are also entitled to a free file disclosure if: (a) adverse action has been taken against you as a result of what is in your credit report; (b)you are a victim of identify theft; (c) you file has inaccurate information due to fraud; (d) you are unemployed and expect to apply for employment within 60 days; and (e) you are on public assistance.

 

2 – You have the right to know if adverse action has been taken against you.

If your file has been used to take adverse action against you, then you must be notified of such action. You must also be provided with the name, address, and phone number of the agency that was provided the information.

3 – You have the right to dispute errors in your credit report.

You can dispute incomplete or inaccurate information, and request the information be deleted or corrected.  In order to do this, you must contact the credit bureau, or the party who provided the incorrect information to the credit bureau. Your dispute must be investigated within 30 days, and the credit bureau must correct or delete inaccurate, incomplete, or unverifiable information. Upon completion of your investigation, the credit bureau must provide their findings in writing and a free copy of your report if there is a change due to your dispute.  This report does not count as your free annual report.

Credit follows you for your whole life, so know your rights and what you can do to improve your score. And if you are one of the 100 million Americans paying rent, solutions like RentReporters can help you build and improve your credit score by reporting your on time rent payments to TransUnion.

Get ready for 2018 the right way by taking control of your credit today.

For more information on RentReporters, visit here.

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