What is the Fair Credit Reporting Act and why was it created?

• The right to delete outdated information. Negative citations such as collections and bankruptcies can remain on your credit report for a maximum of 7 to 10 years. After this time period has passed, the credit bureaus must remove them from your report. Remember, though, that there is no minimum reporting period, so creditors or credit bureaus can remove information even earlier if they choose to do so.
• The right to decide who views your credit report. No one can view your credit report without your permission. The FCRA requires lenders, landlords, employers, and other interested parties to obtain consent before viewing your credit report.
• The right to opt out of unsolicited offers. If you're tired of receiving pre-approved credit applications and insurance coverage offers, you have legal recourse. Businesses that send these offers must include a toll-free number that allows you to remove your name from their solicitation list.
• The right to legal action. Your credit report is valuable, and the FCRA prevents outsiders from misusing it. For more information, contact a credit repair professional, or visit the Federal Trade Commission website:www.ftc.gov/credit.