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Credit Reporting Law

by David Horowitz

In 1994 Congress approved the first major overhaul of the Fair Credit Reporting Act in nearly a quarter of a century.

The law made it easier for consumers to gain access their credit reports and correct any inaccuracies they may contain.

Consumer protection groups have been pushing for reform legislation for years.

The Federal Trade Commission now receives more complaints about faulty credit reports than anything else. Surveys show that one report in four contains some sort of inaccurate information. Mistakes often take as long as six months to correct -- when they're corrected at all.

Under the revised law, it is now up to credit-reporting agencies to verify disputed information in a consumer's history or delete it within 30 days. These agencies would also be required to setup toll-free phone numbers to take complaints from the public. Here are some other points in the law:

  • Credit bureaus would be required to provide consumers with free copies of their credit reports whenever those people are denied a loan or other financial service because of negative information in that report.
  • Consumers could also request their own credit histories for $3 for the first copy and $8 for each additional copy.
  • Employers or potential employers would have to obtain an applicant's permission before looking into his or her credit history.
  • There would be new restrictions on the use of credit agency data for direct marketing.
  • Banks, retailers and other providers of credit data can be sued in civil court if they fail to correct inaccurate entries in a person's record.
  • The new law would pre-empt state and local credit reporting laws, even when the local law is stricter.

The old credit-reporting law was drafted to regulate an industry still in its infancy. Today credit bureaus keep computerized files on 450 million Americans. They process nearly 2 billion individual data entries every month and provide retailers and lenders with 1.5 million credit reports every business day. This huge stream of credit data is flowing constantly along the Information Superhighway -- carrying mistakes along with accurate information.

With a database that large and that active, it becomes extremely difficult to identify and correct errors in individual files -- unless the individual consumer spots the mistake and challenges it. That's why it's important to review your own credit history periodically.

You can get copies directly from any of the four major national credit bureaus:

  • TRW Consumer Assistance Center, P.O. Box 2350, Chatsworth, Calif., 91313-2350. (800) 392-1122.
  • Equifax, P.O. Box 105873, Atlanta, Ga., 30348. (800) 685-1111.
  • CSC Credit Service, P.O. Box 674402, Houston, Texas, 77267-4402. (713) 878-1990.
  • Trans Union Corp., P.O. Box 390, Springfield, Pa., 19064-0390. (800) 851-2674.

Check your credit history now -- before you have an unexpected problem with a loan or credit application.

 
This article Copyright © 1995 by by David Horowitz. According to the author, the text on this page may be freely reproduced and distributed.
If you have any questions about this, please check out our Copyright Policy.

 

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