There are 3 basic categories of information included in a credit report:
1. Basic Personal Information:
This is self-explanatory: full name, date of birth, current address, social security number, and employment information, and all places lived.
2. Collections and Accounts:
This is the information most people think of when discussing a credit report. This is usually separated into two buckets of information: all open lines of credit and all accounts that may be delinquent or in collections.
3. Public Financial Records:
This can include bankruptcy filings, tax liens, or any court judgments that affect your credit status.
You have the right to know what is in your file. You may request and obtain all the information about you in the files of a consumer reporting agency (your "file disclosure").
You will be required to provide proper identification, which may include your Social Security number. In many cases, the disclosure will be free.
You are entitled to a free file disclosure if:
A person has taken adverse action against you because of information in your credit report
• You are the victim of identify theft and place a fraud alert in your file
Your file contains inaccurate information as a result of fraud
​
• You are on public assistance
• You are unemployed but expect to apply for employment within 60 days
In addition, all consumers are entitled to one free disclosure every 12 months upon request from each nationwide credit bureau and from nationwide specialty consumer reporting agencies. See www.ftc.gov/ credit for additional information.
​
The Fair Credit Reporting Act
The Fair Credit Reporting Act (FCRA) is a U.S. Federal Government legislation enacted to promote the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies. It was intended to protect consumers from the willful and/or negligent inclusion of inaccurate information in their credit reports. To that end, the FCRA regulates the collection, dissemination, and use of consumer information, including consumer credit information. [1] Together with the Fair Debt Collection Practices Act (FDCPA), the FCRA forms the foundation of consumer rights law in the United States. It was originally passed in 1970.
​
​Since your new business is made possible because of this law, it would be great for you to read through this summary of it. Enjoy!
A Summary Of Your Rights Under The Fair Credit Reporting Act
The Federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. There are many types of consumer reporting agencies, including credit bureaus and specialty agencies (such as agencies that sell information about check writing histories, medical records, and rental history records). Below is a summary of your major rights under the FCRA. For more information, including information about additional rights, go to www.ftc.gov/credit or write to:
​
​Consumer Response Center, Room 130-A
Federal Trade Commission
600 Pennsylvania Ave. N.W. Washington, D.C. 20580