Knowing the Federal Credit Report Laws
Credit reporting companies have a great deal of control over your life whether you realize it or not. When you need to rent an apartment the prospective landlord first consults the credit reporting agencies. When you are looking to get car insurance you are supposedly run through a credit reporting agency first.
When you need to get utilities your information is sent off to a credit reporting agency. When you look to buy a car or a home the credit reporting agency pretty much decides how much your interest rate will be or if you even get the loan at all. With all of the power it is amazing to think that these credit reporting agencies were not monitored by the federal government for a very long time.
Now there are federal credit report laws that exist not only for the credit reporting agencies but for anyone that uses those agencies as well and these federal credit report laws are designed to make sure the information on your credit report is accurate. It used to be that if you had wrong information on your credit report then that was too bad but now with federal credit report laws the consumer has a recourse if they have been wronged.
No one expects the average consumer to know all of the federal credit report laws by heart and be able to accurately quote and reference the laws when needed. But just knowing that the federal credit report laws exist should be enough ammunition for any consumer that feels that they have information that is being used against them which is wrong. Damaging information on your credit report that is incorrect can greatly affect your life so use the federal credit report laws to make sure you get a fair representation in your credit report.
How do You Find Out More?
Your bank or financial institution will have information on the federal credit report laws for you and they should encourage you to become familiar with them. The various credit reporting agencies also have information on the federal credit report laws that you can easily access either online or you can request to be mailed to you.
Know these federal credit report laws so take the time to become familiar with them.
It is in your best interest to know the laws that affect you and federal credit report laws are very important for you to not only be familiar with but also know how they can protect you.
