Your Rights Under the Fair Credit Reporting Act

The Fair Credit Reporting Act (FCRA) is a federal law that regulates how consumer credit information is collected, used, and shared. Here are the rights it gives you.

The right to access your reports You are entitled to one free credit report from each bureau (Equifax, Experian, TransUnion) every 12 months via AnnualCreditReport.com. If you've been denied credit, employment, or housing based on your report, you're entitled to a free copy within 60 days.

The right to dispute inaccuracies You can dispute any item you believe is inaccurate or unverifiable. Bureaus must investigate within 30 days and delete items they can't verify. Furnishers must also investigate disputes sent directly to them.

The right to know who has accessed your report Your report includes an "inquiries" section showing every entity that has pulled your credit in the past 2 years. Unauthorized inquiries can be disputed.

The right to opt out of prescreened offers You can opt out of unsolicited credit and insurance offers (which use "soft pulls") for 5 years or permanently at OptOutPrescreen.com.

The right to add a consumer statement If you dispute an item and it's verified as accurate but you still disagree, you can add a 100-word statement to your file explaining your position. Creditors who pull your report will see it.

The right to sue If a bureau or furnisher willfully violates the FCRA, you may be entitled to actual damages, statutory damages ($100–$1,000 per violation), punitive damages, and attorney's fees. Many FCRA attorneys work on contingency for valid cases.

Important caveat Understanding your rights is the first step. Acting on them effectively — especially in complex situations involving identity theft, mixed files, or furnisher disputes — may benefit from guidance by a consumer law attorney.