As you go about your daily life, you leave behind bits and pieces of data. These nuggets of information are found in many different places, from public records of land ownership and marriage to very private records about financial transactions. A snapshot of your financial life is found in your credit reports.
Your credit score, which is based upon the data contained in your credit report, can have a dramatic impact on your everyday life. It can determine whether or not you are able to obtain a mortgage, a credit card, a job, or insurance. Even if your credit report doesn’t prevent you from getting a loan or a credit card, your credit score can mean the difference between paying a low interest rate or a high interest rate. In other words, if your credit score takes a nosedive, you’ll be paying through the nose.
The federal Fair Credit Reporting Act (FCRA) was designed to protect you from harm, by ensuring that the information contained in your credit report is accurate, that you’re kept in the loop about the information contained in your credit report, and that your financial information remains private. It places certain requirements on the big three consumer reporting agencies (Experian, Equifax, TransUnion), as well as consumer reporting agencies you’ve probably never heard about. The FCRA also has provisions that govern what information suppliers (like your creditors and debt collection agencies) can and cannot do.
If you’ve been hounded by debt collectors, there’s a good chance that the debt collection agency has been messing around with your credit report. All too often, debt collectors report inaccurate information about accounts, do not investigate disputed information, or do not report when an overdue debt has been paid. When this happens, the FCRA and other federal and state laws give you the power to obtain justice.
Find out more about your credit reporting and related rights:
- What’s in Your Credit Report
- Getting your credit reports
- Checking Your Credit Reports
- Debt Collectors and Credit Reports
- Notification Requirements
- Disputing an Item
- When You’re Hurt by Misinformation
- Fraud and Identity Theft
- Legal Use of Your Credit Report
- Misuse of Your Credit Report
