How to Exercise Your Credit Rights

As a consumer, you have rights granted to you under the Fair Credit Reporting Act to protect yourself and your credit. Here's how to exercise those rights.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Credit Reports

1. Find out what's in your credit file by requesting a copy of your credit report from one of the three credit reporting agencies (Equifax, Experian and Trans Union) - or get a copy from each agency to make sure you're getting all of the information.

2. Dispute inaccurate information with the credit reporting agencies.

3. Dispute inaccurate information with the source of that information (creditors). Creditors must send a notice of the dispute to the credit reporting agencies; the agencies should attach this to your file.

4. Consider contacting the credit reporting agencies to have them remove your name from lists for unsolicited credit and insurance offers. If solicitation companies fail to adhere to lists, they can be fined for violation of privacy laws.

Tips & Warnings

• If you've been denied credit, housing, employment or insurance because of something in your credit file, you must be notified of the source that reported it and the reporting agency that provided the information.
• Creditors and credit reporting agencies must correct or delete inaccurate information within 30 days of dispute. Accurate data, however, will be removed only if it's outdated or cannot be verified as accurate. (Credit reporting agencies and creditors must have proof of whatever they report.)
• Outdated information (such as bankruptcies older than 7 or 10 years, depending on the type) may not be reported.
• Potential employers must get your consent to access your credit report.
• Access to your file is limited. Not just anyone can have access to your file.
• Protect your Social Security number. Don't give it out unless absolutely necessary.