The FCRA is short for the Fair Credit Reporting Act. The FCRA protects consumers in the event erroneous information is place on their report by holding the credit agencies responsible for reporting accurate information. The FCRA put together in 1970 provides consumers with certain laws which include the ability to ask for a copy of your credit report, dispute negative items on your report, and notification if a removed item has been re-entered into a consumers report. The list I have provided is a few of many rights that a consumers has under The Fair Credit Reporting Act. To take advantage FCRA it is important to stay on top or your credit rating by using credit monitoring on a consistent basis.

FACTA also known as Fair and Accurate Credit Transaction Act holds credit organization responsible for the way a consumer’s information is handled. This law was created to lessen fraudulent cases. The guidelines set by FACTA ensure that certain documents such as personal information are shredded by any organization that handles sensitive personal information. FACTA also allows consumers the right to receive at least one free credit report per year. In some states like Georgia the limit is 2 free reports per year.

These two necessary laws was established to give consumers a course of action to take in the event their credit information is ever compromised. Surprisingly many people are not aware of these laws place in the books to protect them. Taking advantage of FCRA and FACTA is as simple as getting a free copy of your free triple score. If you have been a victim of Identity fraud and or your are having trouble disputing items on your credit report, you may want do a thorough research of these acts to understand your rights. Another option is to hire a reputable credit attorney to work in your favor to take advantage of your rights under the FCRA and FACTA.

Lack of knowledge is not an excuse, especially when the law was put in place to aid and assist you. To minimize your risk and maximize your safety, you should educate yourself on the benefits of the FCRA and FACTA. It is also a wise decision to keep some form of identity protection and credit monitoring service.

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But do you know how to check credit reports online and realise it is very easy and free? If you have been refused an application for credit then the first step is to write to the credit reference agency that they used asking for a copy of your report. Then check the report and ensure any errors corrected.

It is more recommended to do the check before applying for the credit ? close the stable door before the horse bolts! Credit reference agencies allow you to check your report online and there are many systems about that will give you regular updates as things change on your credit file. Usually there is a free trial, or so much of the information is free, followed by a paid membership or payments for extra functions.

If you want to check you report in advance of taking out credit, then the free trials are usually enough. Quite quickly you can have access to your credit information and see the data that the lenders will be looking at as part of their decision process. Some reports will even give you an approximate indication of your credit status.

On top of the report, the potential lender will also use your income, which the credit report will not include. This means that it is only an approximation, but it will show you any nasty surprises, such as payments that you forgot you had missed last year.

Once you have viewed and checked your credit file, you might have found slight errors in the report. In this case you have to write to the lender that provided the incorrect information and ask them to amend their records. Once they have done this, they will then update your credit report.

It is also possible that there are searches recorded on your credit report you are not aware of. These are recorded each time a potential lender views your report in order to decide whether to lend you money. If any of these are not familiar to you, it is worth checking them out. If there are many of these, or for high sums of money, then be very careful with your checking as it can be a sign of identity theft.

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