Credit Report Access

• The FCRA guarantees your right to see your credit reports. Every twelve months, you can request a free copy of your credit or consumer report from credit and consumer bureaus in the United States. You can also purchase these reports as often as you like so that you can monitor the information that appears in your credit history.
  
  

Disputing Inaccuracies

• If you find an error on your credit report, the FCRA gives you the right to dispute it. After you notify the credit bureau of an error, the credit bureau must investigate your claim. If the negative information is unverifiable, the FCRA requires its removal.
  
  

Time Limits on Negative Information

• In most cases, credit bureaus have to remove negative items after seven to ten years, depending on the nature of the information. There is an exception to credit reporting time limits, however. If you apply for a high salary job (over $75,000 per year) or a loan or insurance policy that is over $150,000, older negative information can appear on your report.
  
  

Identity Theft Protection

• In 2003, several new provisions, known as the Fair and Accurate Credit Transaction Act were added to FCRA in response to concerns about identity theft. The law now allows you to place a security flag or freeze on your credit report, restricting the ability of potential creditors to access your credit reports so as to prevent identity thieves from opening credit accounts in your name.
  
  

Adverse Action Disclosure

• If a business or individual takes some kind of negative action against you, such as denying you credit or a promotion at work, because of your credit, you have a right to be informed. Under the FCRA, the person or entity must tell you the name of the credit bureau that provided your credit report. You also have the right to get a free copy of that report within 60 days of your notification of the adverse action.