THE FAIR CREDIT REPORTING ACT
Congress drafted the Fair Credit Reporting Act for four main reasons:
(1) The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system.
(2) An elaborate mechanism has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers.
(3) Consumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers.
(4) There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumer's right to privacy.
Congress stated that the purpose of the Fair Credit Reporting Act is to require that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information in accordance with the requirements of the Fair Credit Reporting Act.
You can get a free copy of your report from AnnualCreditReport.com. This is the only place to get your free credit report.
(1) The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system.
(2) An elaborate mechanism has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers.
(3) Consumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers.
(4) There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumer's right to privacy.
Congress stated that the purpose of the Fair Credit Reporting Act is to require that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information in accordance with the requirements of the Fair Credit Reporting Act.
You can get a free copy of your report from AnnualCreditReport.com. This is the only place to get your free credit report.
To Dispute inaccuracies on your credit report, use the Sample Dispute Letter below and send it Certified Mail, Return Receipt Requested to each of the Credit Reporting Agencies at the addresses listed below.
Experian
P.O. Box 4500
Allen, TX 75013
Equifax Information Services LLC
P.O. Box 740256
Atlanta, GA 30374
TransUnion Consumer Solutions
P.O. Box 2000
Chester, PA 19022-2000
Experian
P.O. Box 4500
Allen, TX 75013
Equifax Information Services LLC
P.O. Box 740256
Atlanta, GA 30374
TransUnion Consumer Solutions
P.O. Box 2000
Chester, PA 19022-2000
