FCRA or The Fair Credit Reporting Act is designed by the Federal Trade Commission to promote accuracy and ensure privacy of the information used in consumer reports. This is designed to protect the citizen and several commonly asked questions are answered at http://www.pueblo.gsa.gov/cic_text/money/fair-credit/fair-crd.pdf and in several other websites. The FCRA Act was passes by the US Congress in 1971. The act and its details can be found at the Federal Trade Commission website on the World Wide Web and at local libraries. Read the act at http://www.ftc.gov/os/statutes/031224fcra.pdf. The act covers various aspects and according to the act: Consumers have a right to know what is in a CRA report. And the CRA must furnish a list of all those who have requested for a person's report. An employer can obtain a CRA report only with the approval of the person. Creditors and insurers too can only get copies of the CRA report with the approval of the person. The CRA by law can report negative information for at least seven years. The exceptions are: oCriminal convictions may be reported without limitations. oBankruptcy information can be reported for 10 years. oInformation reported in response to a job with salary exceeding USD 75000 has no time limit. oInformation reported in response to applications for USD 150000 worth of credit or life insurance has no time limit. Credit bureaus must investigate a consumer dispute if they want to challenge credit information on the credit report. Only persons with legitimate business can get a copy of the CRA report. For example a person or company can request for a report if a person has applied to rent a property, has applied for an insurance, credit, or employment. Individuals can request the CRA to keep their names of lists given to banks, and insurers. This ensures that marketing calls are not received. Credit bureaus must complete investigations within a 30 day period and any inaccurate information or unverifiable entries must be deleted from the records. Consumers have the right to check the reports and point out or dispute any inaccuracies. Only specific agencies can collate information and create credit reports. The FTC can be contacted at 1-877-FTC-HELP or people can visit the website www.ftc.gov.
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