The Fair Credit Reporting Act (FCRA) & Your Rights (Pt. 1)

April 24, 2014

Passed in 1970 (and updated over the years), the Fair Credit Reporting Act (FCRA) is in place to provide borrowers with some specific rights when it comes to the collection, use and distribution of their sensitive credit-related information. The FCRA is enforced by the U.S. Federal Trade Commission, and creditors or other entities that violate borrowers’ rights, as stipulated by the FCRA, can face substantial fines (including the possibility of punitive damages).

The Fair Credit Reporting Act (FCRA) provides borrowers with specific rights when it comes to their sensitive credit-related information.

The Fair Credit Reporting Act (FCRA) provides borrowers with specific rights when it comes to their sensitive credit-related information.

Here and in an upcoming second part of this blog, we will highlight the specific rights that borrowers have according to the Fair Credit Reporting Act. If you feel that your FCRA rights may have been violated or you want some more specific information regarding your options for debt relief, you are encouraged to contact Denver Bankruptcy Lawyer Jon B. Clarke.

According to the Fair Credit Reporting Act, borrowers have the right to:

  • Request their credit scores – Borrowers have the right to ask for and obtain accurate information regarding their credit scores at any given time (credit scores are numerical assessments of borrowers’ credit worthiness).Although borrowers may not have to pay any fees for their credit scores if, for example, they may be in the process of buying a house, in other cases, they may have to pay nominal fees for this request.
  • Be informed if or when information from their credit report has been used against them – When borrowers have been at the receiving end of negative action because of information in their credit reports (like, for example, if they are denied a loan, denied employment or denied insurance coverage due to information in their credit reports), these borrowers have the right to know:
    • Why the negative action against them was taken
    • The specific negative information in their credit report that triggered the negative action
    • The specific credit reporting bureau associated with the negative information.

Don’t miss the upcoming second part of this blog for a continued discussion of borrowers’ rights outlined by the Fair Credit Reporting Act.

Colorado Bankruptcy Lawyers at the Law Office of Jon B. Clarke, P.C.

If you are overwhelmed by seemingly insurmountable debt and are looking for a financial fresh start, contact the trusted Colorado debt relief and bankruptcy lawyers at the Law Office of Jon B. Clarke, P.C.

For more than 35 years, Mr. Clarke and his diligent support staff have been successfully helping our clients resolve even the most complex bankruptcy cases for both individuals and businesses alike. Our experienced legal professionals are committed to providing each of our Clients with the personalized debt relief assistance they need, and we will work tirelessly to ensure that our Clients’ cases are resolved as favorably and efficiently as possible.

For a thorough assessment of your situation, along with expert advice regarding the best manner in which to move forward to unburden yourself from debt, call us at (866) 916-3950 or email us some details about your situation by clicking here.

Categories: Blog, Credit, Fair Credit Reporting Act