Truth in Fair Reporting Act or Fair Credit Reporting Act (FCRA)

Late on a payday loan payment, who will know? Is it reported to the credit bureaus? How long will it stay on my permanent records? Can I get a copy of what they see for free? When making any financial decision it is important to know all your rights as a consumer. If you have questions on anything pertaining to possible credit inquires or issues, by law you can request a free copy of the information.

Thanks to the Fair Credit Reporting Act, passed in 1970, personal loan customers as well as other customers applying for loans, jobs and even insurance, are entitled to any documents or reports that have been a factor in making a negative decision about them.

The FTC is the agency responsible for upholding these laws, regulates the collection, allocation, dissemination and use of consumer credit information. They regulate both Consumer Reporting Agencies (CRAs) such as Experian, TransUnion and Equifax, as well as other "nationwide specialty consumer reporting agencies" that collect information on consumers.

The CRAS entities primary focus is collecting and providing information on individual's credit history for the purposes of credit evaluation, such as, when you apply for a home mortgage, as well as, other not so obvious decision makers for potential employees or insurance customers. Under FCRA, everyone is authorized to one free credit report a year (however this is not free access to your credit score).

In addition to the three big CRAs, the FCRA also classifies dozens of other information technology companies as "nationwide specialty consumer reporting agencies" that produce individual consumer reports used to make credit determinations relating to, medical records and payments, residential or tenant history, check writing history, employment history and insurance claims.

Because these nationwide specialty consumer reporting agencies sell consumer credit report files, they are required to provide copies of these reports annually for free, to any consumers who request disclosure. However, unlike the CRA's they are not obligated to provide centralized online access to these reports, however, are required to provide at minimum, a toll-free number where you can request your annual free copy. Examples of these companies are Teletrack, the people who keep tabs on open payday loans and ChexSystems, the people who track checking/banking history.

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