Your Rights Regarding Your Credit Scores

Your credit files contain much sensitive information about your financial life, and of course all of us want to keep that as private as possible, and to prevent things like identity theft, asset loss and many other maladies that seem to pop up every day. One of the best ways to protect the information in your credit files is to be aware of your rights regarding your credits scores and reports.  You should also know what you can do when you think you've got a problem. Let's look at some of your key rights and protections.

The major right available to you is the ability to see your credit score in the first place. For many years your score was unavailable to you, known only to those making important decisions about you financial life! Thankfully that all changed a few years ago, when legislation changed the atmosphere regarding what you can and cannot see. Most notably, the Fair Credit Reporting Act (FCRA) has dramatically changed your rights about who has access to your sensitive information, and how that information can be used.

Some of the more pertinent pieces of that law include:

Providing your credit report to you - The credits reporting agencies (CRA's) are now required to give you the information in your file if you ask for it. You can receive a free credit report each year, simply by asking. 

Limit Access - They may not give your files to someone who doesn't have a legitimate reason to see it, such as for a loan, etc.

May not give it to your employer - Without your permission.

They must investigate errors - If you let them know about errors in your files, they are required by law to investigate the discrepancy.

Correct or Delete Bad Information - If there are indeed errors, they are mandated to remove these from your files.

Get Rid of Old Information - If the information there is more than 7 years (or sometimes 10) , they are supposed to delete it.

Take you off marketing lists - Your information is valuable to others. They can make money selling it, so they are required to remove you from the lists if you so desire.

Take measures to protect and remedy Identity Theft - If this takes place, the CRA's are supposed to help you in restoring your credit files.

Initiate a security freeze - In certain states you're allowed to "freeze" your credit files, making them unavailable to anyone without your permission. 

These are some of the important rights available to you under the Fair Credit Reporting Act. Making sure you know your rights can be a great first step in protecting your sensitive and valuable information. Always err of the side of caution when dealing with your information. Know who has your info and precisely why. Review your reports periodically, and you'll be well served in the long run!