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Fair Credit Reporting Act (FCRA}

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Fair Credit Reporting Act (FCRA}
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The Fair Credit Reporting Act (FCRA) requires each or the nationwide consumer reporting companies--Equifax, Experian and Trans Union-- to provide you with a free copy of your credit report, at your request, once every 12 months. The Federal Trade Commission (FTC), the nation's consumer protection agency, has information on how to order your reports.

Your credit report provides information to anyone looking at it.  Information about where you live, how you pay your bills, if you have been sued, arrested,filed bankruptcy,and sometimes even your home phone number. It is an information data base and anyone who has the need to pull your credit such as employers, insurers, landlords, banks,mortage firms, auto dealers, can make decisions about you from
computer generated information on your credit report that may not even be yours.
After working in the lending department I have seen errors like the following!!

1.  customer deceased
2.  family members information on your report
3.  30 day late notes that are not valid
4.  bankruptcy of another party
5.  same name (most often common names)
6.  collections for services never used
7.  tax liens
8.  overdue late fees showing up as 60 and 90 days past due
9.  excessive inquiries
10. information over 7 years old

And many many more problems. I have seen over 10,000 credit reports in my life and a big percentage of them have some errors.




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