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What Is The Fair Credit Reporting Act?

Credit reporting agencies hold a lot of power in our economy. By compiling and maintaining key pieces of your financial history, they can directly impact your financial opportunities, including your access to fair credit with favorable terms.

A federal law called the Fair Credit Reporting Act (FCRA) gives consumers important rights with regard to their credit reports. If you’re dealing with credit issues, asserting your rights is essential for repairing your credit and building a stronger financial foundation.

Our lawyers at Madgett Law in Minneapolis can help you understand and enforce your rights. We are a public benefit corporation dedicated to standing up for everyday people against the power of national credit bureaus that hold your financial future in their hands.

Key Rights Under The FCRA

As a consumer, you have numerous rights under the FCRA, including:

  • You have the right to an accurate credit report and the right to dispute any inaccuracies. As part of the dispute process, credit bureaus are required to investigate potential errors.
  • You’re entitled to access your credit reports for free once every 12 months and in certain other circumstances.
  • You have the right to receive your credit score.
  • You’re entitled to an explanation of how your credit report was used against you to deny a loan, insurance or employment.
  • Credit bureaus can’t disclose your report to an employer or prospective employer without your consent.
  • They also generally can’t disclose your report to lenders or other financial institutions without your consent, and those institutions must have a legitimate reason to pull your credit.

Knowing your rights is crucial for taking an active role in managing your credit.

Get Help Enforcing Your Rights

Having rights is one thing; enforcing them is another. Our attorneys are committed to protecting people’s rights and educating them about their options. We are familiar with all aspects of FCRA law, and we work with clients across Minnesota.

If you’re experiencing credit issues of any kind, please reach out to us for a free consultation. You can also call us at 612-470-6529.