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Fair Credit Reporting - Questions &
Answers
Introduction
If you've ever applied for a
charge account, a personal loan, insurance, or
a job, there's a file about you. This file contains
information on where you work and live, how you
pay your bills, and whether you've been sued,
arrested, or filed for bankruptcy.
Companies that gather and sell
this information are called Consumer Reporting
Agencies (CRAs). The most common type of CRA is
the credit bureau. The information CRAs sell about
you to creditors, employers, insurers, and other
businesses is called a consumer report.
The Fair Credit Reporting Act
(FCRA), enforced by the Federal Trade Commission,
is designed to promote accuracy and ensure the
privacy of the information used in consumer reports.
Recent amendments to the Act expand your rights
and place additional requirements on CRAs. Businesses
that supply information about you to CRAs and
those that use consumer reports also have new
responsibilities under the law.
Here are some questions consumers
commonly ask about consumer reports and CRAs --
and the answers. Note that you may have additional
rights under state laws. Contact your state Attorney
General or local consumer protection agency for
more information. For additional information or
to schedule a low cost consultation to discuss your
particular circumstances, please call us at 214-265-0808.
*This information has been adapted
from materials published by the Federal Trade
Commission.
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