Final answer: The right that is NOT a consumer right under the Fair Credit Reporting Act is the right to block potential lenders from accessing your file.
• You have the right to know what is in your file.
In addition, all consumers are entitled to one free disclosure every 12 months upon request from each nationwide credit bureau and from nationwide specialty consumer reporting agencies. See www.consumerfinance.gov/learnmore for additional information.
Access to Credit Reports and Unauthorized Inquiries
Access to an individual's credit report is restricted to authorized entities, such as creditors, lenders, and employers with the consumer's consent. Unauthorized access to credit reports is a violation of the FCRA.
The FCRA gives consumers the right to prevent a consumer report from being provided in connection with a credit transaction that they did not initiate (15 U.S.C. §1681b(e)).
• You have the right to know what is in your file.
information about you in the files of a consumer reporting agency (your “file disclosure”). You will be required to provide proper identification, which may include your Social Security number. In many cases, the disclosure will be free.
The law requires creditors and reporting agencies to protect consumers' identifying information and take steps to guard against identity theft. It also allows consumers to access free copies of their credit reports.
The Fair and Accurate Credit Transactions Act of 2003 restricts CRAs from reporting medical information in reports that will be used for employment, credit transactions or insurance transactions unless the consumer consents to such disclosures.
Examples of things that are not permissible include curiosity, litigation in connection with attempts to collect a debt, marketing, or criminal sanctions. Employees of CRAs who knowingly provide consumer reports to those who do not have a permissible purpose could face up to 2 years of imprisonment.
The FCRA allows a consumer to opt out of having “creditworthiness information” shared with affiliates. This is information such as payment history and credit score.
The Fair Credit Reporting Act (FCRA) , 15 U.S.C. § 1681 et seq., governs access to consumer credit report records and promotes accuracy, fairness, and the privacy of personal information assembled by Credit Reporting Agencies (CRAs).
The CCPA requires that the total cost of a loan or credit product be disclosed, including how interest is calculated and any fees involved. It also prohibits discrimination when considering a loan applicant and bans misleading advertising practices.
Your credit report does not include your marital status, medical information, buying habits or transactional data, income, bank account balances, criminal records or level of education. It also doesn't include your credit score.
Consumer Rights Under the FCRA
Under the FCRA, consumers also have a right to: Verify the accuracy of their report when it's required for employment purposes. Receive notification if information in their file has been used against them in applying for credit or other transactions.
The basic rights of any individual as a consumer are right to safety, right to information, right to choose, right to be heard, right to seek redressal, right to consumer education, but not the right to credit purchase.
Debt that are not regulated include:
Mortgages. Debts to family or friends. Debts to unlicensed lenders or loan sharks.
Third parties that conduct background checks and credit bureaus are both considered to be reporting agencies under the statute. Importantly, the FCRA does not apply to employers who conduct background checks for themselves.
Permissible uses is the act of having permission to view personal information. This is a federal law requirement in conjunction with a the user agreement with the Lexis Nexis platform.
Reports including personal knowledge or firsthand interaction, reports made among persons under common control, and reports other than credit (including skip tracing, law enforcement, dating, and laboratory reports) are not consumer reports.
Anyone who uses a credit report or another type of consumer report to deny your application for credit, insurance, or employment - or to take another adverse action against you - must tell you, and must give you the name, address, and phone number of the agency that provided the information.
Common violations of the FCRA include:
Creditors give reporting agencies inaccurate financial information about you. Reporting agencies mixing up one person's information with another's because of similar (or same) name or social security number. Agencies fail to follow guidelines for handling disputes.
Adverse action is defined in the Equal Credit Opportunity Act and the FCRA to include: a denial or revocation of credit. a refusal to grant credit in the amount or terms requested. a negative change in account terms in connection with an unfavorable review of a consumer's account 5 U.S.C.
► You cannot be denied credit based on your race, sex, marital status, religion, age, national origin, or receipt of public assistance. ► You have the right to have reliable public assistance considered in the same manner as other income. ► If you are denied credit, you have a legal right to know why.
The Red Flags Rule requires specified firms to create a written Identity Theft Prevention Program (ITPP) designed to identify, detect and respond to “red flags”—patterns, practices or specific activities—that could indicate identity theft.
Fair Credit Reporting Act File Disclosure: The maximum charge to a consumer under the FCRA for file disclosure increases effective January 1, 2024, to $15.50 from $14.50.