Credit Report Laws

Learn about Credit Report Laws with CreditReport.com

Your credit report contains extremely sensitive information such as your social security number, date of birth, address, telephone number, employment status, credit payment record, and even legal information. According to credit report laws, you have the right to protect this credit information from being viewed by the general public. If these laws are broken and your rights violated, you can file a lawsuit or a formal complaint with the federal government.

Credit report laws also give you the right to know who has received a copy of your credit report. You also have the right to dispute any information contained in your report, as well as the right to "opt out" from credit card mailing lists, ultimately preventing credit card companies and others from using your credit information for marketing purposes.

Some other information contained in thse reports includes information found in public records such as bankruptcies, child support disputes, and unpaid taxes as well as your credit report contains your account information, monthly balances, and information about joint account holders. One of the best ways to ensure the accuracy of your credit report is to order and review your report once a year. This is especially important for preventing identity theft, a problem that is on the rise in the United States and around the world.

Getting Your Credit Report

Information You’ll Need To Provide: To receive a copy of your credit report, according to credit report law, you are required to submit your name, address, Social Security number, and date of birth at the time the request is made. Keeping in mind the security of your report, different consumer reporting organizations might ask you for unique data verification, such as the precise amount of your monthly mortgage payment, definitive credit card questions, and so on. The differences in every company’s ID verification request is due to the varied sources from which each organization gets your credit information.

Who Can Get a Copy of Your Credit Report: The FCRA specifies who can view your annual credit statement or credit report. Your credit information is protected by specific laws that prevent it from being accessed by unauthorized individuals or organizations. According to today’s credit laws, creditors, insurers, employers, as well as other businesses that utilize your credit history to evaluate your applications for credit, insurance, em¬ployment, or renting a home are among those that have a legal right to access your scores.

Why You Need to Keep Tabs on Your Credit Report: Your credit report contains your credit information which affects your chances of securing a loan, as well as the rate of interest you pay on it. This is why keeping a watchful eye on the information in your credit report is imperative. It allows you to check if your credit information is accurate, up-to-date, and complete. In addition, a regular check on your credit information and score helps you to guard against identity theft.

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