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Fair Credit Reporting
Facts for Consumers from the Federal Trade Commission
Fair Credit Reporting -- February 1992
If you've ever applied for a charge account, a personal loan,
insurance, or a job, someone is probably keeping a file on you.
This file might contain information on how you pay your bills, or
whether you've been sued, arrested, or have filed for bankruptcy.
The companies that gather and sell this information are called
"Credit Reporting Agencies," or "CRA's." The most common type of
CRA is the credit bureau. The information sold by CRA's to
creditors, employers, insurers, and other businesses is called a
"consumer report." This report generally contains information
about where you work and live and your bill-paying habits.
In 1970, Congress passed the Fair Credit Reporting Act to give
consumers specific rights in dealing with CRA's. The Act protects
you by requiring credit bureaus to furnish correct and complete
information to businesses to use in evaluating your applications
for credit, insurance, or a job.
The Federal Trade Commission enforces the Fair Credit Reporting
Act. Here are answers to some questions about consumer reports
and CRA's.
How do I locate the CRA that has my file?
If your application was denied because of information supplied by
a CRA, that agency's name and address must be supplied to you by
the company you applied to. Otherwise, you can find the CRA that
has your file by calling those listed in the Yellow Pages under
"credit" or "credit rating and reporting." Since more than one
CRA may have a file about you, call each one listed until you
locate all agencies maintaining your file.
Do I have the right to know what the report says?
Yes, if you request it. The CRA is required to tell you about
every piece of information in the report, and in most cases, the
sources of that information. Medical information is exempt from
this rule, but you can have your physician try to obtain it for
you. The CRA is not required to give you a copy of the report,
although more and more are doing so. You also have the right to
be told the name of anyone who received a report on you in the
past six months. (If your inquiry concerns a job application, you
can get the names of those who received a report during the past
two years.)
Is this information free?
Yes, if your application was denied because of information
furnished by the CRA, and if you request it within 30 days of
receiving the denial notice. If you don't meet these
requirements, the CRA may charge a reasonable fee.
What can I do if the information is inaccurate or incomplete?
Notify the CRA. They're required to reinvestigate the items in
question. If the new investigation reveals an error, a corrected
version will be sent, on your request, to anyone who received
your report in the past six months. (Job applicants can have
corrected reports sent to anyone who received a copy during the
past two years.)
What can I do if the CRA won't modify my report?
The new investigation may not resolve your dispute with the CRA.
If this happens, have the CRA include your version or a summary
of your version of the disputed information in your
file and in future reports. At your request, the CRA also will
show your version to anyone who recently received a copy of the
old report. There is no charge for this service if it's requested
within 30 days after you receive notice of your application
denial. After that, there may be a reasonable charge.
Do I have to go in person to get the information?
No, you also may request information over the phone. But before
the CRA will provide information, you must establish your
identity by completing forms they will send you. If you do wish
to visit in person, you'll need to make an appointment.
Are reports prepared on insurance and job applicants different?
If a report is prepared on you in response to an insurance or job
application, it may be an investigative consumer report. These
are much more detailed than regular consumer reports. They often
involve interviews with acquaintances about your lifestyle,
character, and reputation. Unlike regular consumer reports,
you'll be notified in writing when a company orders an
investigate report about you. This notice also will explain your
right to ask for additional information about the report from the
company you applied to. If your application is rejected, however,
you may prefer to obtain a complete disclosure by contacting the
CRA, as outlined in this brochure. Note that the CRA does not
have to reveal the sources of the investigative information.
How long can CRA's report unfavorable information?
Generally, seven years. Adverse information can't be reported
after that, with certain exceptions:
l bankruptcy information can be reported for 10 years;
l information reported because of an application for a job
with a salary of more than $20,000 has no time limitation;
l information reported because of an application for more than
$50,000 worth of credit or life insurance has no time limitation;
l information concerning a lawsuit or a judgment against you
can be reported for seven years or until the statute of
limitations runs out, whichever is longer.
Can anyone get a copy of the report?
No, it's only given to those with a legitimate business need.
Are there other laws I should know about?
Yes, if you applied for and were denied credit, the Equal Credit
Opportunity Act requires creditors to tell you the specific
reasons for your denial. For example, the creditor must tell you
whether the denial was because you have "no credit file" with a
CRA or because the CRA says you have "delinquent obligations."
This law also requires creditors to consider, upon request,
additional information you might supply about your credit
history.
You may wish to obtain the reason for the denial from the
creditor before you go to the credit bureau.
Do women have special problems with credit applications?
Married and formerly married women may encounter some common
credit-related problems. For more information, write for the free
FTC brochure, Women and Credit Histories, Public Reference,
Federal Trade Commission, Washington, D.C. 20580. You also may
write to this address for a free copy of Best Sellers, which
lists all the FTC's consumer and business publications.
Where should I report violations of the law?
Although the FTC can't act as your lawyer in private disputes,
information about your experiences and concerns is vital to the
enforcement of the Fair Credit Reporting Act. Please send
questions or complaints to: Correspondence Branch, Federal Trade
Commission, Washington, D.C. 20580.
1983
(Downloaded from CompuServe's Consumer Forum (go SAVE) )
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