What Are My Credit Rights?

Knowing your rights as a credit card holder will be your guide and protection against unlawful practices that may be committed by creditors and debt collectors. The Fair Credit Reporting Act (FCRA) has made distinct stipulations with regards to promoting the accuracy and confidentiality of consumer credit reports. Let's discuss some of these credit card rights based on the FCRA:

Who may ask a copy of your Credit Report?
Credit bureaus may only issue a credit report for legitimate business transactions. Those who may review your report are your employers, insurance companies, creditors, and government agencies. The consumer himself may also request to obtain a report on a behalf of a third party.

Disclosure
Generally, there is a fee in obtaining a report. However, you are entitled to obtain a free copy each year, if you are currently unemployed, on welfare or if you suspect fraud committed against you. If you are in any of these situations, you may write one of the major Credit Bureaus and request for your free copy. At the end of this article, you'll find the contact information of the three major Credit Bureaus.

Errors on Your Credit Report
You have the right to dispute erroneous details or inaccurate information. Notify a Consumer Reporting Agency or one of the major Credit Bureaus immediately. They should investigate on the matters in dispute and take the necessary actions to ensure that these errors are corrected.

What if you've been denied Credit?
If a creditor turns down your application, you may request a free copy of your credit report from a credit bureau. This will give you the opportunity to check your rating and verify if there are any errors or inaccuracy in the report which resulted in the disapproval of your application. If this is the case, you may request the credit bureau to send a corrected copy of your credit report to the lenders whom you submitted your applications to.

Limit Access to Your Information
You may request consumer reporting agencies not to give out your name to lending companies and other creditors who make unsolicited inquiries to offer loan, insurance or credit cards.

You may call (888) 5 OPT OUT for your name to be excluded from Experian, Equifax, and Trans Union. However, this exclusion will only last for 2 years. If you want to be permanently be excluded from the list, you have to fill out a written form from the credit reporting agency's office.

Fair Debt Collection Practices Act
The Fair Debt Collection Practices Act protects consumers from unlawful practices or deceptive strategies that creditors may use against them. If you have been a victim of fraud or unfair business practices, you may file a complaint at Federal Trade Commission office or call their toll free number at 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261.