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As with all laws and acts, the Fair Credit Reporting Act is very long.  You probably don’t want to take the time to find a copy and read it cover to cover. 
 
But, if you are concerned about your credit, who may have access to your credit and what they can do with your credit rating and information, you should understand the basic protection and guidelines. 
 
You can find the entire act online by going to this link:  www.ftc.gov/credit or you can ask to have a copy sent to you in the mail by writing to:  Consumer Response Center, Room 130-A, Federal Trade Commission, 600 Pennsylvania Avenue, N.W., Washington, DC. 20580.
 
Here is a summary of your basic rights:
 
Let’s start with the first and most basic right.  You have the right to know what is in your credit file.  If you have never requested a copy of your credit report, you should do so immediately. 
 
By law, you are now entitled to one free credit report every 12 months.  You can find information at any one of a number of sites.  To find reputable agencies who provide free credit reports, go to this link: www.ftc.gov/credit.  You must provide proof of identity, usually including your social security number. 
 
In addition, you may request a free credit report at any time, if someone takes action against you, denies a loan or other credit because of information contained in your credit file, you are entitled to free disclosure.  If and when any of these scenarios apply to you, you are entitled to a free report:
 
            If you experience identity theft
 
If someone takes action against you because of information they found in a credit search
 
If you are receiving public assistance
 
If there is inaccurate information in your credit report because of fraud perpetrated because of identity theft
 
If you are currently unemployed and expect to be employed within the next 60 days
           
Here are some other things you should know about your rights under the Fair Credit Reporting Act:
 
If anyone uses information in a credit report to deny you credit for any reason, to deny you a job, or to make a judgment against you, they MUST disclose the source of this information to you, including the name, address and phone number of the agency from which they obtained this information.
 
You can request your numerical credit score from consumer reporting agencies, and/or credit bureaus.  These scores are used to approve a mortgage, business loans, credit card credit limits, and other types of loans for automobiles, etc.   If you are applying for a mortgage, you can get a free report through your prospective lender.
 
You have the right to refute or dispute incorrect, inaccurate or incomplete information in your credit file.  If you report this inaccuracy in writing, the consumer agency MUST investigate the claim and report back to you.  Corrections to your credit rating and file can take months, so do not expect to see a change immediately. 
 
Go to www.ftc.gov/credit to get more information on how to dispute incorrect information in your file.  Keep in mind that, IF the consumer agency finds the information in your file to be correct, they WILL NOT delete it, but will continue to report the information as credit reports are requested by prospective lenders. 
 
Your rights under this act ensure that access to your financial information and credit file are limited to those to whom you have give written permission to view this information and to those with whom you have completed an application for a loan or other instrument that requires a thorough credit check. 
 
When you sign these loan applications, you give permission to the prospective lender to look at your credit file.   In addition, your prospective employer may ask for written permission to view your credit file.  Companies in the trucking and transportation industry do not have to request or receive written information to review your credit file, but their employment application should state that they ARE going to review your file.
 
If you receive a ‘pre-approved’ unsolicited mailing for credit or credit insurance, the company must provide a toll-free phone number for you to call if you wish to have your name removed from their list.  You can call (888) 567-8688 to be removed from national credit bureau reporting. 
 
Finally, you should know that you can seek legal and monetary damages from agencies or individuals you violate your rights under this act.  If a consumer agency or reporting agency does not comply with the enacted FCRA, you may be able to sue for damages in state and/or federal court.  If you suspect that a violation has occurred, check the website:  www.ftc.gov/credit website and/or seek legal counsel to find out how to pursue this violation in court.