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 Sam
Site Admin
Joined: 21 May 2005
Posts: 198
Location: CALIFORNIA
92.34 Dollars($)
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 Posted: Thu Apr 08, 2004 4:23 am Post subject: Fair Credit Reporting Act |
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Fair Credit Reporting Act (FCRA) is a Federal consumer protection regulation enforced upon the credit-reporting agencies. It requires these agencies or credit bureaus to exercise confidentiality and accuracy in compiling and disclosing credit information. The law also provides the procedures required for rectifying errors in consumer credit files.
On account of complaints about the inaccuracies in consumer credit reports, the Federal Government made amendments to the Act in 2003. The government had the following objectives.
- Increase the accuracy of data provided in credit reports.
- Give consumers access to their credit related information.
- Prevent identity theft.
As per the changes to the FCRA, consumers can request for a free copy of their credit report each year. This helps them to maintain a record of the information compiled in their report. It also allows them in preventing identity theft.
As per the FCRA, credit reporting agencies should not report any negative information that is older than 7 years. But in case of a bankruptcy, information for a period of 10 years can be reported.
If any error is detected in the consumer credit report, the FCRA requires the agency or the bureau to resolve disputes within 30 days. The Act also prevents creditors from reporting incorrect information to credit bureaus. |
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Bassett
Guest
0.10 Dollars($)
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| Posted: Wed Dec 20, 2006 12:53 pm Post subject: |
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| under FCRA, is there any time frame within which a consumer reporting agency is required to block reporting of information in a consumer's file which resulted from an identity theft. |
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blue
Joined: 21 Oct 2005
Posts: 1135
Location: MARYLAND
134.28 Dollars($)
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| Posted: Wed Dec 20, 2006 1:09 pm Post subject: |
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Hi Bassett,
Welcome to Mortgagefit forum.
As part of FCRA, the consumer reporting agency will block the information from being reported on your file after you identify that any such information has resulted from alleged identity theft.
The information will be blocked within 4 business days after you provide the following information to the agency:- Appropriate proof of your identity.
- One copy of the identity theft report.
- The identification of such information.
- Your statement that the particular information is not related to any transaction done by you.
Do let us know if you have any other questions.
Thanks
Blue
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