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Your Rights Under the Federal Fair Credit Reporting Act

posted by Stephen Katz @ 10:32 PM
Sunday, May 22, 2011

When you review your credit report, or just begin to investigate your credit status, keep in mind that federal law provides you with a set of rights to aid in your task of gauging your credit rating. Here is a brief summary of your rights under the law.
• Notification of any occurrence in which your credit report has been used to deny the granting of credit, insurance, or a job. You have the right to know which credit agency provided the data.
• A free copy of your credit file each year, as well as whenever you are denied a loan, insurance, or a job because of information in your file.
• Access to your credit score, though not necessarily free of charge.
• Response to your identification of data on your report that you believe to be inaccurate or incorrect. The credit reporting agency must investigate your claim(s) unless they can show them to be frivolous. If the investigation finds your claim to be true, the agency must correct the report in a timely fashion.
• Purging of old information that would lower your credit rating. If you have slow or missed payments that are more than seven years old, they should not be included in the report. Personal bankruptcies are deleted after ten years.
• Limited access to your report. No one should have access to see your report unless they have a valid reason, such as in response to your application for credit, a job, or an apartment lease. You must give written permission for your employer or potential employer to access data.
• Right to sue a credit agency or user of data that violates your rights under the Act.
• For detailed information and procedures in exercising your rights, go to www.ftc.gov/credit.

Stephen Katz

(770) 309-0939 (direct) or (866) 742-8400 —

For the past 18 years, Stephen Katz has built a successful business almost entirely on referrals. As your mortgage consultant throughout the home loan process, Stephen will explain the pros and cons of all available mortgage programs and help you choose the financing option that is best suited to your needs.
Throughout the loan process, he will keep you informed and will respond quickly to your requests with answers and solutions.

Consistently a top producer, Stephen is a Mortgage Bankers Association “Diamond” Award winner, a Georgia Mortgage “Top Gun” and has closed almost half a billion dollars in loans. Put his knowledge and experience to work for you!

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