Under the federal Fair Credit Reporting Act (FRCA), consumers are granted specific rights to assure that their credit reports are fair and accurate. The complete text of the FCRA starts at 15 USC § 1681. The Federal Trade Commission's website www.ftc.gov. includes the FCRA. The following outlines the FCRA:

The function of a CRA : A consumer reporting agency ( CRA ) may provide information about you to people with a need for such information, such as a prospective creditor, landlord, insurer or employer.

Written Consent Required: Your written consent is necessary for reports provided to employers or reports that contain medical information.

A Free Report: A CRA must provide you, at your request, the information in its file together with a list of everyone that has recently requested it. The report is free of charge if you have recently been denied credit or employment based upon the information in the report, if you make the request within 60 days of receiving notice of the denial. You may also receive one free report every 12 months upon request if you can prove that you are (1) unemployed and intend to seek employment within 60 days, (2) you receive welfare payments, or (3) your report is inaccurate as a result of fraud. Otherwise, a CRA may charge you a fee.

You must be informed: Information used against you must be told to you. Anyone that uses the information against you must tell you and provide the name, address and phone number of the CRA that provided the information.

Dispute inaccurate information: If you inform the CRA that your file contains inaccurate information, the CRA must investigate the items by presenting the information to the source of the information. The source must then review your evidence and report its results to the CRA . Notice of any errors must be provided to national CRAs by the source. A written report must be sent to you regarding the investigation and a copy of any revisions to the report, if there are any. If the investigation concludes that the information is not inaccurate, you may provide a brief statement to your file. A summary of your dispute statement must be included in future reports. If information is deleted or a dispute statement is filed, you may request that anyone who has recently received your report be notified of the change(s).

Correction or Deletion: Information that is inaccurate or unverifiable must be corrected or deleted from your credit report, generally within 30 days after you dispute it.

Negative, accurate information may only be removed if it is outdated or cannot be verified. Information may not be reinserted into your file unless the source of the information verifies its accuracy and completeness. You must then be notified in writing that the CRA has reinserted the item together with the name, address and phone number of the source of the information.

Dispute with the Source: You may dispute the accuracy of the information with the source of information.

Outdated Information: Generally, a CRA may not report negative information that is more than seven years old or bankruptcies that are more than 10 years old.

Unsolicited Offers: You may request that your name and address be removed from CRA lists for unsolicited credit and insurance offers. Call 1-888-5OPTOUT to removal of your name for two years. For permanent removal, request that the CRA send you a form for this purpose.

Damages: You may sue a CRA , user or provider of data violated the Fair Credit Reporting Act, you may sue in state or federal court and seek damages.

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