What
is the FCRA?
Fair
Credit Reporting Act
("FCRA") -- A federal statute, effective in 1971,
and amended as of September 30, 1997, that:
- Enables consumers
to learn what information Consumer Reporting Agencies ("CRAs")
have in a consumer file ("consumer file disclosure")
pertaining to them ;
- Requires CRAs
to adopt reasonable procedures to assure information about
consumers is accurate and up-to-date;
- Provides rights
to consumers to question the information in the consumer
file and have their questions re-investigated; and
- Provides protection
to consumers from invasion of privacy by limiting the purposes
for which the information can be provided.
Equifax Credit
Information Services, Inc. (Equifax) is a "consumer reporting
agency" (CRA) as defined by the federal Fair Credit Reporting
Act (FCRA). The FCRA is designed to promote accuracy, fairness,
and privacy of information used in consumer reports. Recent
amendments to the FCRA expand a consumer’s rights and
place additional requirements on CRAs. You may obtain a copy
of the FCRA and a Summary
of Your Rights Under the FCRA
from the Federal
Trade Commission
web site.
Consumer's Right to Opt-Out:
Consumers
may opt-out of pre-approved offers of credit or insurance
by calling one toll-free number: 1-888-5-OPTOUT
(1-888-567-8688).
Who is Entitled to a Free Consumer File Disclosure?
Under
the FCRA:
- Persons
that are unemployed and intend to apply for employment within
60 days;
- Persons
receiving public welfare assistance;
- Persons
who believe their consumer file contains inaccurate information
due to fraud; and
- Persons
that have been the subject of adverse action, such as denial
of credit or insurance, within the past 60 days.
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