Law and Consumer Report Agencies Laws and Issues

Laws were made to help people bring justice to their lives, and it is the violation of these laws what makes a person go through harsh time. The Federal Trade Commission (FTC) designed the laws that assured people’s right to obtain, maintain and use credit. But the laws do not promise everyone a credit. It only guarantees that everyone is equal in matters of credit issues.

The FTC is also responsible for correcting any credit mistakes that people could have made.

Due to the legal inspection of your credit rating by many companies, it is advised you maintain a good rating. Said rating is inspected every time you apply for:

- Credit

- Employment

- Insurance

- Leases

Everybody depends on their credit histories, especially in cases of credit business. Companies, based on your credit payment history, will grant or reject applications. Therefore, it is people’s responsibility to maintain a positive and accurate credit payment history by reviewing once in a while their report.

Usually credit problems occur due to:

- Temporary loss of income

- Sudden illnesses

- Computer errors

Solving possible mistakes of credit problems can take some time and lots of your patience. In order to fix your report yow will not need to pass any difficult tests. Your credit payment history is recorded in either a file or a report. These files are kept safe by CRAs (Consumer Reporting Agencies), such as a credit bureau. You certainly will have a credit file in any of these CRA agencies if you have ever applied for a credit, a charge account, a personal loan, an insurance (of any kind) or a job.

The credit record contains information about your income, the source of it, debts and your whole credit payment history. It also shows if you have ever been involved in any criminal activities, been sued, arrested or if you have filed for bankruptcy.

The law guarantees that people will get equal treatment, without considering issues like gender, race, marital status, religion, age or national origin.

The Fair Credit Reporting Act’s (FCRA) main job it is to guarantee that all CRAs bring credible and correct information to any businesses that require it when evaluating someone’s application.

You have a right that the Fair Credit Reporting Act states, which is to get a copy of your credit report whenever you request it. This copy of your credit report has to include all the information in your personal file at the time you request it. You also have the right to know the names of the companies or anyone who requested your credit report within the last year for any purposes or in the last two years for employment purposes.

If a company declines your application, it has the obligation of supplying the name and full address of the CRA they contacted, and the reason of denying the application. You have the right to receive a free copy of your credit report when someone rejects your application due to the content of the credit report itself or because of the information supplied by the CRA. You must make the request within 60 days after receiving the rejection notice.

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