Do You Know Your Credit Reporting Rights

You have credit cards, credit score, credit reports, do you know about credit reporting rights. Certainly this is your legal right that is never told by report agencies to you. Credit Reporting Rights is your legal right and ensures credit card holders security against any credit card complaints. Do you know you have the right to receive a copy of your credit report once in a year, do you know credit report must be accurate, you have rights to take action against FCRA (Fair Credit Reporting Act) and much more from which you are unaware.

1. Your credit report is a report card having all essential financial and driving details. Credit bureaus must give you a copy of your credit card at least once in every twelve month (or a year).
2. Credit report must have maximum accuracy of your credit report data. Even if they do not correct their data despite your request you have right to take legal action against the credit bureau.
3. Your credit report is personal information which can’t be share with everyone until they don’t have valid reason. Of course credit bureau can give a copy of your credit report to possible lenders or government officials in case they demands for it with appropriate reason. If you apply for a mortgage loan it is must that lender will provide you a copy of actual credit score.
4. Credit Bureau can’t sale your credit report to anyone if he/ she has no permissible reason (legal reason) to obtain your credit report.
5. If you close a credit card account in report must have written “closed by consumer” else you can force them to write this on report.
6. You can add a 100 word statement into your credit report regarding to any item, it’s free. Mostly credit bureaus depreciate you to do such with statements like this is not a worthwhile thing, lender don’t consider it, etc. It’s important and you must do with care.
7. You have right of correct information. If you found something is suspicious or doubtful in your credit report, you should insist your credit card companies to correct it. You may request to your credit bureau in written for investigation and they will have to reply within 45 days as per credit card laws.
8. Finally under the Federal Trade Commission and Consumer Financial Protection Bureau credit card holder can hire private attorney to utilise his/ her credit card rights as well as to file a lawsuit against the company.