Credit Bureaus and Your Consumers' Rights
- The Credit Reporting Act applies only to consumer transactions.
- Reports may be given to a person seeking information only for the purpose of: extending credit or collecting a debt; a tenancy inquiry
employment or insurance verification under authority granted by a government statute otherwise, as a direct business requirement.
- Before a person may obtain a report, she or he must: have the consumer's consent in writing, or notify the consumer by mailing a notice postmarked at least three days before obtaining the report.
|
|
- If a consumer is denied credit or has an increased cost as a result of information obtained in a credit report, the person must be notified
promptly by the person denying credit.
- The consumer has a right to place a 100 word statement (50 recommended) on the credit bureau file, to be given to anyone who
obtains a future report.
- A consumer has a right to see the file and has a right to receive a copy of any report.
|
