TAILIEUCHUNG - Your Credit Rights

Credit is valuable. The importance of how much credit you have and how you use it goes far beyond shopping. Whether you have good or poor credit can affect where you live and even where you work, because your credit record may be considered by prospective employers. That is why you need to understand how credit is awarded or denied and what you can do if you are treated unfairly. The major laws that regulate credit are outlined in this brochure. Fair Credit Reporting Act The Fair Credit Reporting Act promotes the accuracy and privacy of information in consumer credit reports. It also controls the use of. | Your Credit Rights Your Credit Rights How the Law Protects You Credit is valuable. The importance of how much credit you have and how you use it goes far beyond shopping. Whether you have good or poor credit can affect where you live and even where you work because your credit record may be considered by prospective employers. That is why you need to understand how credit is awarded or denied and what you can do if you are treated unfairly. The major laws that regulate credit are outlined in this brochure. Fair Credit Reporting Act The Fair Credit Reporting Act promotes the accuracy and privacy of information in consumer credit reports. It also controls the use of credit reports and requires consumer reporting agencies to maintain correct and complete files. According to this act you have a right to review your credit report and to have incorrect information corrected. Issuing Credit Reports Credit bureaus the most common type of consumer reporting agency CRA that compiles and issues credit reports are required to help you understand your report. Reports can be issued only to those with a legitimate business reason. These include creditors employers insurers and government agencies reviewing your status for licensing or benefit purposes or any third party for whom you request a report. Credit Report Errors If you find an error on your report you should notify the credit bureau in writing immediately. The bureau is responsible for investigating and for changing or removing any incorrect data. The source of the error must then notify all consumer reporting agencies where they sent information. If you are not satisfied with the correction you have the right to add a brief statement 100 words or less about the issue to your credit report. The statement should be a clarification not an explanation of credit problems. Denied Credit If your credit application is turned down because of an error on your report the lender is required to provide you with the name and address

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