A federal law that regulates the collection of consumers' credit information and access to their credit reports. It was passed in 1970 to address the fairness, accuracy and privacy of the personal information contained in the files of the credit reporting agencies.

 

Under the Fair Credit Reporting Act (FCRA), consumers also have a right to see their own credit reports. By law, they are entitled to one free credit report every 12 months from each of the three major bureaus. They can request their reports at the official, government-authorized website for that purpose, AnnualCreditReport.com. Under FCRA, consumers also have a right to:

 

• Verify the accuracy of their report when it's required for employment purposes

• Receive notification if information in their file has been used against them in applying for credit or other transactions

• Dispute—and have the bureau correct—information in their report that is incomplete or inaccurate

• Remove outdated, negative information