An Overview of The Fair Credit Reporting Act: What it Does and How it Can Help You
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The Fair Credit Reporting Act is basically the who, what, when, where, why, and how of an individual's credit rights. It is an American; federal law which was most recently (2006) revised to include new methods of reporting and collection of information to keep up to date with new methods and technology. Read more for how this important law protects you. The Fair Credit Reporting Act governs how credit information can be collected, who may collect it, and how it may be used as well as providing specific consumer rights in an effort to keep the information private as well as provides for penalties for unlawfully obtaining or using an individual's credit information. How does this work for you? How and why is this information important? Why is it important to have a federal act that protects your credit information? How does the Fair Credit Reporting Act protect you? Lastly, the Fair Credit Reporting Act also designates the penalties, fines, and obligations for those that unlawfully use your personal, financial, and banking information for their own purposes. While the Fair Credit Reporting Act contains many important rules and regulations and is the defining law for the protection of consumers it can not anticipate every situation. The use of technology as well as the wealth of information available about a person with the use of online banking, online bill paying, online purchases; saving your information online and the numerous credit offers in the mail there are too many opportunities for someone to attempt to gain your information. You need to be proactive to protect your credit and personal information. To do this obtain a copy of the act, read it and know your rights. Each year obtain a copy of your credit report and correct any errors. Make sure you know your rights and what you can do to protect yourself from damages to your credit or person. To obtain a complete copy of the Fair Credit Reporting Act, you may download it from the Federal Trade Commission website. To obtain one free credit report per year you may request it by telephone, mail or through the government authorized website.
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Comments on An Overview of The Fair Credit Reporting Act: What it Does and How it Can Help You
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