How Does the FCRA Help You With a Consumer Reporting Agency?


The Fair Credit Reporting Act, also known as the FCRA, is a powerful tool the government put in place in 1970 to let individuals know what actions they can take regarding their credit report information.


At VeriScreen, we offer various types of screening services, including credit reports, and we’ll discuss how the FCRA can protect you when dealing with an issue at a consumer reporting agency. Three main consumer credit bureaus Experian, TransUnion, and Equifax, provide credit scores. Many lenders use information from these agencies to help with credit risk management.


The FCRA protects you by regulating how information from a reporting agency is accessed and used. It gives you the right to be told if credit information is used to deny an application for employment, insurance, or credit.


The Act also entitles you to request and access all of the information a consumer reporting agency has in your file. You are allowed one free file disclosure every 12 months from each major bureau. If you find inaccurate or incomplete information, you can dispute it.


Through the FCRA, you can access your information but restrict others’ access to it. You can also put a security freeze on your credit report, thanks to your rights under the FCRA. This ensures potential lenders cannot access your information unless you lift the freeze.


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