Know Your Rights

In order to encourage the accuracy, fairness, and privacy of information provided by "consumer reporting agencies," the Federal Fair Credit Reporting Act (FCRA) was created (CRA). Most CRAs collect your payment history from credit bureaus and sell it to lenders. The Federal Trade Commission's website has the whole language of the FCRA, 15 U.S.C. 1681-1681u. These are the key three points: 

• You have the right to ask consumer reporting agencies to correct any erroneous information. 
• With the "Source of Information," you can contest erroneous information (i.e. Credit Card Issuer, Mortgage Servicer, Auto Loan Servicer) 
• Information that is inaccurate must be changed or removed.