As a citizen you have a right to get Free Credit Bureau Report from the authorized agencies and it consists of important data regarding your money payment habits with the respect to the commitments that you have taken.It effects the way that you are going to get the loan and credit offers from big companies and for not very rich people it is going to be very important.In US the credit score varies from 450 to 850 points and it will decided basing on your repayment methods.If you are at a number around 450 it is even very difficult to get a credit card and on the other side if you are around 800 credit companies will be running for you with great offers.
This credit score helps the lenders to learn about the risks in terms of money repayments and whom they can trust.In United States of America there are three major credit bureaus—Equifax, Experian and TransUnion.They collect information from banks,lenders and various sources about each individual and compile them in the form of a credit report.Basing on this report a particular three digit score is allotted to each citizen.
If some one has rejected a job or a loan basing on your report you have a right to know what went wrong and the agencies are having the obligation to give it free to you with in the sixty days of the problem .Besides this you have a right to get a free copy of credit report once in a year from every one of the three agencies mentioned above. Depending on your requirement either you can get all the three reports once or at regular time intervals.Access to your report is limited to only authorized people like lenders and banks,insurers etc.Modern credit reporting agencies are funded by lenders to felicitate and make a choice of customers for them.Any way they can not act one sided and there is a rule called The Fair Credit Reporting Act (FCRA) which will protect the interests of the consumers also.
Being a consumer you have some rights according FCRA like
1.Get a free report once in a year.
2.Right to know who received your report from the last one year and from last two years if it is for employment purpose.
3.Right to know who the lender who contacted the agency and rejected you the favor of granting the loan.
4.Right to demand a correction if there are errors in the report.
5.Right to have an investigation with in the thirty days of your report about inaccuracy.
6.Right to add summery explanation if you are not happy about the details of the report.
7.Right to limit the access of report to some one who has bad intentions and want to make harm for you.
8. Right to remove your name in the lists which CRA to sell some one for marketing purpose.
9.Right to sue for damages if some one accessed your report with out legal authority.
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