CREDIT REPORT REGULATIONS

Credit report regulations govern the use of credit reports by companies and access to consumers along with providing a framework for resolving disputes. They help in maintaining a fair and just use of information contained in credit reports along with protecting the rights of the consumers. The following information has been obtained from an FTC publication on consumers and credit reports.

CREDIT REPORT FEDERAL BODIES: FTC AND FCRA

The FTC is the agency that governs the use of credit in all its aspects. It looks over the getting, using, and maintaining of credit and maintains the legal framework to resolve any dispute that may arise in the course of a transaction or contract.

The law that governs credit report is the FCRA – Fair Credit Reporting Act. This act ensures accuracy and privacy of consumer information maintained at the leading credit bureaus or agencies.

CREDIT REPORT CONSUMER RIGHTS

Every one now is entitled to a free annual credit report on request from all the three major credit report bureaus. A central web site has been set up to provide online and offline access to credit reports. Furthermore, you can get hold of a free or discounted copy of the report under any of the following circumstances: being denied credit, employment, insurance or any other service on the basis of the report, or the report being inaccurate.

The Equal Credit Opportunity Act makes sure that no one is denied a credit service on the basis of sex, race, marital status, national origin, or as a recipient of public assistance.

There are specific laws that deal with electronic payments and debt collection. For example, a debt collector can contact you only between 8 a.m. and 9 p.m.

The entire credit card or social security number can not be printed on electronic receipts.

Inaccurate and negative information can remain on your credit report for 7 years, and bankruptcies up to 10 years.

All correspondence with companies should be "return receipt requested."

There are no instant solutions to credit problems.

REPORTING ERRORS AND FRAUD: CONSUMER SENTINEL

The FTC can be contacted toll free or their Web site. They run an online database called consumer sentinel that collects information on identity theft, telemarketing fraud, etc. and makes it available online to enforcement agencies.