About The Fair Credit Reporting Act And What It Means To Consumers

What is the Fair Credit Reporting Act?

The Fair Credit Reporting Act, or FCRA, is a federal law regulating the collection, dissemination, and use of consumer information.  Paired along with the Fair Debt Collection Practices Act, or the FDCPA, the FCRA provides consumer credit protections. The Fair Credit Reporting Act was passed in 1970. The act is enforced by the Federal Trade Commission.

What kind of entities does the Fair Credit Reporting Act Regulate?

Credit reporting agencies are the primary entities regulated by the credit reporting act. Because the credit reporting agencies report consumer financial information, the act insures that these agencies are following proper guidelines to promote accuracy, fairness and privacy of information

What are your rights under the Fair Credit Reporting Act?

Every consumer is entitled to know what is contained in their credit report. A consumer can request and obtain a credit report at anytime. Consumers can get one free credit report annually from each of the three major credit reporting agencies.

Consumers have the right to ask for their credit scores. A credit score helps lenders determine your credit worthiness. Consumers may request their credit score from one of

the three major credit bureaus, however they have to pay for it.

When incorrect information is contained in a credit report, the consumer has the right to dispute incomplete or inaccurate information. Consumers can request that the credit reporting bureaus conduct an investigation into the matter. The credit reporting bureaus must correct inaccurate or incomplete information within 30 days.

Credit reporting bureaus cannot report outdated negative information.

A consumer's employer cannot request a copy of a their credit report without their employer's consent.

A consumer can limit pre-screened offers on credit and insurance received based on a credit report. Those pre-screened offers must include a toll-free phone number the consumer can call so they can remove their name from the list. Consumers can also opt-out of pre-screened offers by calling each of the three major credit reporting bureaus.

If you want more information about the Fair Credit Reporting Act, visit the Federal Trade Commission website. For more information about debt related issues, an NCO Financial Sytems, Inc. Representative will be glad to help. Contact information for NCO Financial Systems, Inc. can be found on every page of our Consumer Help Unit website.

We are required under state and federal law to notify consumers of the following rights. This list does not contain a complete list of the rights consumers have under state and Federal law. Please click this link for important information about your rights. State and Federal Disclosure Link.