The Fair Credit Reporting Act (FCRA) is designed to help ensure that credit bureaus furnish correct and complete information to businesses to use when evaluating your application. Your rights include:
The right to receive a copy of your credit report. The copy of your report must contain all of the information in your file at the time of your request.
The right to know the name of anyone who received your credit report in the last year for most purposes or in the last two years for employment purposes.
Any company that denies your application must supply the name and address of the credit bureau they contacted, provided the denial was based on information given by the credit bureau.
The right to a free copy of your credit report when your application is denied because of information supplied by the credit bureau. Your request must be made within 60 days of receiving your denial notice.
If you contest the completeness or accuracy of information in your report, you should file a dispute with the credit bureau and with the company that furnished the information to the bureau. Both the credit bureau and the furnisher of information are legally obligated to investigate your dispute.
A right to add a summary explanation to your credit report if your dispute is not resolved to your satisfaction.
Kentucky Request for Disclosure of Reasons for Increasing Charge for Credit Regarding Credit Application Where Action Was Based on Information Not Obtained by Reporting Agency
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How to fill out Request For Disclosure Of Reasons For Increasing Charge For Credit Regarding Credit Application Where Action Was Based On Information Not Obtained By Reporting Agency?
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FAQ
Under the FCRA, an employer may not run a background check on a prospective employee without first providing "a clear and conspicuous disclosure . . . in a document that consists solely of that disclosure, that a consumer report may be obtained for employment purposes." For efficiency, many employers include all ...
The credit score exception notice (model forms H-3, H-4, H-5) is a disclosure that is provided in lieu of the risk-based-pricing notice (RBPN, which are H-1, H-2, H-6 & H-7). The RBPN is required any time a financial institution provides different rates based on the credit score of the applicant.
Section 609 of the FCRA gives consumers the right to request all information in their credit files and the source of that information. Consumers also have the right to know any prospective employer who has accessed their credit report within the last two years.
The Act (Title VI of the Consumer Credit Protection Act) protects information collected by consumer reporting agencies such as credit bureaus, medical information companies and tenant screening services. Information in a consumer report cannot be provided to anyone who does not have a purpose specified in the Act.
The FCRA ensures the information in your credit report is accurate and up to date, and that no one accesses your credit report without having a legitimate reason for doing so, called a ?permissible purpose,? as listed in 15 U.S.C. 1681b.
Common violations of the FCRA include: Failure to update reports after completion of bankruptcy is just one example. Agencies might also report old debts as new and report a financial account as active when it was closed by the consumer. Creditors give reporting agencies inaccurate financial information about you.
