The FCRA was designed to promote the accuracy and ensure the privacy of any information used in consumer reports. This law ensures that consumer reporting agencies (CRAs), such as credit bureaus, furnish correct, complete information to other businesses to use when evaluating your credit application.

According to the FCRA:

• You have a right to receive, for a small fee, a copy of your credit report, and the copy of your report must contain all of the information that is in your file when you request your copy.
• You have a right to learn the name of any company or person who has received a copy of your credit report in the last year, or in the last two years for employment purposes.
• If any company denies your application based on information given by a consumer reporting agency, they must supply the name and address of the CRA they contacted.
• You have a right to receive a free copy of your credit report if your application is denied based on information supplied by the CRA. However, your request for a free copy must be made within 60 days of receiving a denial notice.
• When you contest the accuracy of information in your credit report, you can file a dispute with the CRA and the company that provided the information for the CRA. The CRA and the furnisher of information are both legally obligated to reinvestigate your dispute.
• You have the right to add a summary explanation to your credit report whenever a dispute is not resolved to your satisfaction.
• Outdated information cannot be reported. Most negative information can only be reported for seven years. Bankruptcies are reported for ten years.
• Access to your file is limited only to businesses with a legitimate need to review your file. Employer inquiries and reports that contain medical information require your specific consent.
• You have the right to exclude your name from CRA lists used for unsolicited credit and insurance offers.

Amendments to the Act in recent years expand your rights and place additional restrictions on CRAs and businesses that utilize consumer reports. You may also have additional rights under individual state laws. For further information regarding this law and other consumer and credit-related rights, visit the Federal Trade Commission's web site at www.ftc.gov.