What is a fair credit reporting act?

A Fair Credit Reporting Act (FCRA) is a federal law passed in 1970 that regulates the way individuals’ credit information is handled by credit reporting companies in the state of Florida. It gives individuals the right to access their credit reports from the three major credit bureaus. It also gives individuals the right to dispute any inaccurate information. The FCRA also requires that credit reporting companies notify individuals of any changes to their credit reports, and provide them with an explanation as to why the changes were made. The FCRA also outlines the steps that credit reporting companies must take in order to verify and correct any inaccurate information, and must do so within 30 days. It also entitles individuals to sue credit reporting companies if they fail to follow the law. Lastly, the FCRA provides for stronger penalties if companies violate any of the law’s regulations. Individuals should familiarize themselves with the FCRA, and understand their rights under the law. It’s important to realize that repair services and individuals cannot successfully repair your credit without following the rules and regulations of the FCRA. If you are ever in doubt, it is important to contact a qualified credit repair law specialist in order to ensure that your rights as a consumer are being protected.

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What is a fair credit reporting act?

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