Fair Credit Reporting Act
The Fair Credit Reporting Act (FCRA) is an American federal law (codified at 15 U.S.C. § 1681 et seq.) that regulates the collection, dissemination, and use of consumer information, including consumer credit information. Along with the Fair Debt Collection Practices Act (FDCPA), it forms the base of consumer credit rights in the United States. It was originally passed in 1970, and is enforced by the US Federal Trade Commission.
Consumer Reporting Agencies
Consumer reporting agencies (CRAs) are entities that collect and disseminate information about consumers to be used for credit evaluation and certain other purposes, including employment. Credit bureaus, a type of consumer reporting agency, hold a consumer’s credit report in their databases. CRAs have a number of responsibilities under FCRA, including the following:
1. Provide a consumer with information about him or her in the agency’s files and to take steps to verify the accuracy of information disputed by a consumer. Under the Fair and Accurate Credit Transactions Act (FACTA), an amendment to the FCRA passed in 2003, consumers are able to receive one free credit report a year.
2. If negative information is removed as a result of a consumer’s dispute, it may not be reinserted without notifying the consumer within five days, in writing.
3. CRAs may not retain negative information for an excessive period. The FCRA describes how long negative information, such as late payments, bankruptcies, tax liens or judgments may stay on a consumer’s credit report — typically seven years from the date of the delinquency. The exceptions: bankruptcies (10 years) and tax liens (seven years from the time they are paid).
The three big Consumer reporting agencies are Experian, TransUnion, and Equifax.
AnnualCreditReport.com
Annualcreditreport.com is a website jointly operated by the three major U.S. credit reporting agencies Equifax, Experian, and TransUnion. The site was created in order to comply with their obligations under the Fair and Accurate Credit Transactions Act (FACTA) to provide a mechanism for American consumers to receive a free annual credit report.
One of the provisions of FACTA, passed in 2003 as an amendment to the Fair Credit Reporting Act (FCRA), was a requirement that each of the three credit reporting agencies provide, upon request, a free credit report every twelve months to every consumer. The goal was to allow consumers a way to ensure their credit information is correct and to guard against identity theft.
Accordingly, the three major credit reporting agencies, Equifax, Experian, and TransUnion created the joint venture company, Central Source LLC, to oversee their compliance with FACTA.
Central Source then set up a toll free telephone number, a mailing address and a central website, annualcreditreport.com, to process consumer requests. Access to the free report was initially rolled out in stages, based on the consumer’s state of residence. By the end of 2005 all U.S. consumers could use these services to obtain a credit report.
http://www.annualcreditreport.com
Get a copy of your credit report for free.
Fill out the Annual Credit Report Request form and mail it to this address:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
