The FCRA: Your Credit Bill of Rights

The Fair Credit Reporting Act (1970) is the federal law governing credit bureaus. It gives you the right to see your file, to know who else has seen it, to dispute errors, and to have unverifiable or obsolete information removed.

Why it matters

The bureaus are private companies, but this law makes them answerable. Nearly every repair move in this anthology is a specific FCRA right exercised in writing. Educational reference only - for a real dispute with stakes, a consumer-law attorney is worth a consult.

Key facts

• You are entitled to free reports (weekly, permanently, via AnnualCreditReport.com) and extra free reports after adverse action or fraud.
• Bureaus must investigate disputes, generally within 30 days, and delete what they cannot verify.
• Most negative information must fall off after seven years; bankruptcies can report up to ten.
• Only parties with a permissible purpose may access your file.
• The CFPB and FTC enforce the FCRA; consumers can also sue violators.

In practice

1. Read your dispute rights once at consumerfinance.gov before writing your first dispute letter.
2. Keep every dispute in writing with proof of delivery; the paper trail is the right in action.
3. Note the seven-year clock for each negative; aged-out items must come off.