Fair Credit Reporting Act (FCRA)

Written By Minh Tong
Jan 5, 2023
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The Fair Credit Reporting Act (FCRA) is a federal law that regulates the collection, dissemination, and use of consumer credit information. It was enacted in 1970 to protect consumers from inaccurate or biased credit reporting and to provide them with more control over their personal credit information.

The FCRA applies to credit reporting agencies (CRAs), also known as credit bureaus, which are companies that collect and maintain consumer credit information. The three main credit bureaus in the United States are Equifax, Experian, and TransUnion. The FCRA requires CRAs to follow certain rules when collecting and reporting credit information, including:

  • Obtaining consumer consent before accessing their credit information
  • Ensuring that the information they report is accurate and complete
  • Verifying the accuracy of any disputed information before reporting it
  • Providing consumers with a copy of their credit report upon request

Under the FCRA, consumers have the right to access their credit reports and dispute any errors they find. If a consumer finds an error on their credit report, they can file a dispute with the CRA. The CRA must then investigate the dispute and, if necessary, correct the information on the credit report.

The FCRA also regulates how credit information can be used by lenders and other entities. For example, lenders are required to provide consumers with a written notice before taking adverse action (such as denying a loan application) based on information in their credit report. This notice must include the name, address, and phone number of the CRA that provided the credit report, as well as information about how to request a copy of the report and dispute any errors.

In addition to regulating credit reporting, the FCRA also imposes certain requirements on employers and landlords who use credit reports in their hiring or rental decisions. Employers and landlords are required to obtain written consent from the consumer before accessing their credit report and must provide a notice if adverse action is taken based on the credit report.

Overall, the FCRA is a important consumer protection law that helps to ensure the accuracy and fairness of credit reporting in the United States. It gives consumers the right to access and dispute their credit reports, and it regulates how credit information can be used by lenders, employers, and landlords.

For more information on credit reports and understanding your credit score, speak with an Americor professional today.


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We provide debt resolution services. Our clients who make all monthly program payments save approximately 40 – 50% of their enrolled debt (average of 43%) upon successful program completion, before program fees. Fees are based on a percentage of your enrolled debt at the time of starting the program and range from 15%-25% of your enrolled debt. Programs range from 20-48 months. Clients must save at least 25% of each debt due to an enrolled creditor before a bona fide settlement offer will be made. On average, clients receive their first settlement within 4-7 months of enrollment and approximately every 3-6 months thereafter from when the prior debt was settled. Not all Clients complete the program. Estimates are based on prior results and may not match your results. We cannot guarantee that your debts will be resolved for a specific amount or percentage or within a specific timeframe. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting, legal advice or credit repair services. Our program is not available in all states; fees may vary by state. Some programs may be offered through The Law Firm of Higbee & Associates d/b/a Advantage Law. The use of debt resolution services will likely adversely affect your credit. You may be subject to collections or lawsuits by creditors or collectors. Your outstanding debt may increase from the accrual of fees and interest. Any amount of debt forgiven by your creditors may be subject to income tax. Clients may withdraw from the program at any time without penalty and receive all funds from their dedicated account, other than funds earned by the company or fees paid to third-party service providers, as may be applicable. Read and understand all program materials prior to enrolling. Certain types of debts are not eligible for enrollment. Some creditors are not eligible for enrollment because they do not negotiate with debt relief companies. To determine the offers you may be eligible for, Americor conducts a “soft credit pull.” This credit pull does not impact your credit score, creditworthiness, or ability to obtain credit from other sources. The soft pull is not a tradeline entry, it does not report against your score and will only take a few minutes.

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