Part of being a responsible consumer is knowing one’s consumer credit rights. These credit rights are meant to protect you and other consumers from unauthorized access to your bank and credit accounts and to allow you to dispute transactions that you think are fraudulent, among others.
Your rights as a credit consumer are outlined in the following laws: the Fair and Accurate Credit Transactions Act (FACTA), Fair Debt Collection Practices Act (FDCPA), Fair Credit Reporting Act (FCRA), Fair Credit Billing Act (FCBA), and the Consumer Protection Credit Act (CPCA). These laws give you multiple layers of protection against credit fraud and harassment from billing and collections firms.
These consumer credit rights include the right to receive a copy of your credit report. The nationwide consumer reporting companies: Equifax, Experian, and Transunion are required to provide you with a free copy of your credit report, at your request, once every 12 months. You may also request a copy of your credit report at any other time, but the consumer reporting companies are allowed to charge you for this information.
If a company denies your application for a copy of your credit report, you have the right to the name and address of that credit bureau.
If you question the accuracy or completeness of information in your report, you have the right to file a dispute with the consumer reporting company and the information provider. Among the inaccuracies we have helped dispute include fraudulent transactions, obsolete personal and employment information, unreflected payments, and closed bank accounts. Once the consumer reporting company acknowledges an error on their part, they are required to delete all references to the said disputed information in your credit report.
Nevertheless, not all disputes end well. You have a right to add a summary explanation to your credit report if your dispute is not resolved to your satisfaction. Learn More @ The FTC Web Site (link: http://www.ftc.gov/).
As a consumer, you also have a right to privacy. This includes the right to restrict access to your credit records and other information that can be used for fraudulent transactions.
KeyPoint is committed to protecting its clients and empowering them to exercise their consumer credit rights. We believe that keep our clients well-informed about their credit standing is essential to the country’s economic well-being, as it allows them to make educated decisions about their money and credit.
Visit our FAQ page for more information, or contact us if you have any questions about your rights as a consumer or our services.