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If you are planning to buy a home, you should definitely learn how the FCRA helps to protect you as a homebuyer. The FCRA can be found at 15 U.S.C. §1681, and it is actually called the Fair Credit Reporting Act. The legislation was passed so that the collection, dissemination and use of consumer information could be regulated. To further strengthen consumer protection, the Fair Debt Collection Practices Act was passed, and these two Acts form the basis for United States consumer rights.
Any mortgage lender that you try to get a loan from is going to consult your credit report in order to find out the type of risk you represent. If the information in the report is inaccurate, it could considerably lower your credit score, and it is your credit score that is going to determine the interest rate and terms of the loan.
Therefore, how the FCRA protects you is that it aids in and enforces accuracy in credit reporting. Whenever you request employment, a loan, applied for credit or for a charge account, a file was created. The file contains your employment information, as well as where you live, whether you pay your bills and how you pay them, whether you have been arrested, sued or filed for bankruptcy. It also contains information if you have gone through foreclosure.
The more negative marks that your report contains, the lower your credit score is going to be and the more difficult it is to get credit. However, the Credit Reporting Agencies sometimes make mistakes in your credit reports, or someone may report erroneous information to the CRAs.
In either event, the FCRA gives you the right to privacy regarding the information contained in the credit reports, and it gives you the right to know what your credit reports contain, but you have to ask for them. When you are denied credit, employment or insurance based on the contents of your credit report, you have the right to know what agency provided the report.
The reporting agency will more than likely be Equifax, TranUnion or Experian or all three. You have the right to know the name, phone number and address of the agency so that you can try to correct any discrepancies in your report.
If you request it, any reporting agency must correct any discrepancies in your report, but the request must be done in writing. It is your responsibility to supply them with the information that you believe is incorrect.
The CRA will then notify the entity or person that supplied the information about the dispute, and the entity or person must investigate and report the findings back to the CRA. If your allegations are found to be true, the CRAs across the nation are notified of the erroneous information.
There are other ways that you are protected by the FCRA, but being able to correct information erroneously contained in your credit report is of extreme important for you as a homebuyer. The Federal Trade Commission is in charge of enforcing the FCRA and you can always contact them to get more specific and detailed information.
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