Fair Credit Reporting Act Boosts Your Fico Score
So, what's this I am hearing lately about your credit score still being negatively impacted after bankruptcy. Or, worse, if your spouse filed bankruptcy and your credit score is still showing all the debt that was discharged in bankruptcy. Either way, a high credit score not only gets you lower interest rates, but shows potential employers that you're "credit worthy" so maybe they'll be more inclined to hire you. So here's the skinny on the law that protects your FICO score.
The Fair Credit Reporting Act ("FCRA") is the federal law that in California is enforceable through our Unfair Deceptive Practices Act ("UDAP") statutes. Designed to promote accuracy and fairness in the files kept by Equifax, Transunion, and Experian, and other consumer reporting agencies.
YOUR RIGHTS:
1. You Must Be Told if Information in You
r File has Been Used Against You;
2. You have a Right to Know What is in Your File;
3. You have a Right to Ask for a Credit Score;
4. You have the Right to Dispute Incomplete or Inaccurate Information;
5. Consumer Reporting Agencies Must Correct or Delete Inaccurate, Incomplete, or Unverifiable Information, usually within 30 days;
6. Consumer Reporting Agencies Must Not Report outdated negative information;
7. You Must Give Your Consent for Reports to be Provided to Employers
It is still possible to improve your credit score even if you've previously filed for bankruptcy. What is important is to manage your finances and stay out of trouble with debt. If you need to make a major financial purchase, such as a house, you should work hard to be sure information contained in your credit report is accurate. If not, you have a right to sue!
