The Fair Credit Reporting Act
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The Fair Credit Reporting Act (FCRA) and its amendments give you rights when you are dealing with credit reporting agencies. You are entitled to a free annual copy of your Equifax, Experian and TransUnion credit reports. You are also entitled to have:
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- Most negative information in your credit history removed after seven years. However, a Chapter 7 bankruptcy will be reported for 10 years, unpaid tax liens for 15 years, and court judgments for 20 years.
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- A credit bureau conducts an investigation when you believe that information in your credit history is inaccurate or out-of-date. If the credit bureau confirms that the information is wrong, you are entitled to have the information corrected or deleted.
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The credit bureau that conducted the investigation notify employers and creditors about corrections and deletions in your credit history. (Within the previous two years for employers or the previous six months for anyone else).
The FCRA also entitles you to:
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- Include a written statement of up to 100 words in your credit history when a credit reporting agency's investigation does not correct a problem. Your statement should explain why you believe that your credit history is wrong so that creditors and others can read it when they review it.
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- The right to sue a credit bureau or a business that used your credit information in a way that willfully or negligently violated your legal rights.
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You are entitled to one free copy of your credit history from all three national credit bureaus every year. To obtain your free annual credit histories, go to www.annualcreditreport.com, or call toll-free, 877-322-8228.
If you want any additional copies of your credit reports in the same year that you ordered your free annual reports, contact each individual credit bureau directly by phone, mail, or on-line.
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- Equifax
Disclosure Department
P.O. Box 740241
Atlanta, Georgia 30374
(800) 685-1111
www.equifax.com
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- Experian
National Consumer Assistance Center
P.O. Box 2104
Allen, Texas 75013
(888)397-3742
www.experian.com/yourcredit
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- TransUnion
Consumer Disclosure Center
P.O. Box 1000
Chester, Pennsylvania 19002
(800) 888-4213
www.transunion.com
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