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Common questions about the Fair Credit Reporting Act (FCRA)

Your credit report is an important repository of information that can affect your ability to get an auto loan, mortgage and other financing. That, along with your credit score, will determine how favorable your terms and rates are. It can even be a source of background information for employers. Needless to say, an accurate credit report is essential for getting fair financing terms.

At Schmierer Law Group, our attorneys protect consumers’ rights when it comes to their credit reports and credit scores. Our lawyers are passionate about standing up for your privacy in financial matters as well as your rights under federal law. Read on for more information about those rights.

What rights do I have under the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA) is a federal law that grants consumers certain rights when it comes to their credit scores and reports. Those rights include:

  • The right to access your credit information
  • The right to dispute any inaccurate information
  • Privacy rights with regard to who can access your credit information
  • The right to freeze access to your credit information if you suspect you’ve been a victim of identity theft
  • The right to compensation in the event that credit reporting bureaus violate your rights

Talk to our attorneys if you have more questions about your rights.

How can I access my credit report?

It’s wise to regularly check your credit report for errors. Under federal law – specifically, you are entitled to a free annual credit report from each of the three credit reporting agencies (TransUnion, Experian and Equifax). Request yours here.

What is the difference between a credit report versus a credit score?

A credit report contains more detailed and comprehensive information concerning your financial accounts and history of timely or late payments. A credit score (also called a FICO score) is a numerical snapshot reflecting your overall credit rating. From a bank or lender’s perspective, a credit score is a quick way to assess their risk in lending to you.

What information goes in my credit report?

Your credit report contains:

  • Your personal identity information
  • Your current credit cards, credit limits and payment history
  • Closed accounts (going back seven to ten years)
  • Debts that have been sent to collections
  • Bankruptcies
  • Recent credit inquiries

What if my credit report has an error?

It’s important to take action to get errors or inaccuracies corrected. Otherwise, you could be stuck with unfavorable lending terms or even get denied for certain loans. Our attorneys can help you correct your report.

Get more answers to your FCRA questions

For more information about your FCRA rights or to talk with a skilled attorney about your situation, call 888-811-8799 or reach out to our firm online. Based in Mount Laurel, New Jersey, we handle FCRA cases statewide as well as in New York and California.