The Fair Credit Reporting Act is a large body of law that regulates the use and maintenance of consumer credit files. Its basic purpose is to ensure fair, accurate information and to protect the consumer's privacy. The Act pertains to credit reporting agencies, or CRAs (C-R-As); medical information businesses; and services that screen those seeking to rent housing. Companies who are deemed to have no legitimate need for credit information will not be able to access your full credit report. According to the Act, you must be notified when information in your file is used to deny you credit, insurance, or employment. The business who turns you down must also tell you the name and address of the company who provided the credit report. You have a right to access your file, though the CRA may charge up to $8.50 (eight dollars and fifty cents) for a copy of your credit report. If you feel the report contains inaccurate or incomplete information, you may dispute this information. The CRA must investigate any potential error and correct or refute it in a timely manner. Other parts of the Act govern dispute resolution, how long certain information may be reported, and when your written consent is necessary to release some types of information.
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