The CFPB

Credit Reporting

Your credit report affects your ability to get a loan as well as the interest rate you will be required to pay. Congress has passed credit reporting legislation to give consumers access to their credit information and protect them from unfair, fraudulent, or deceptive credit practices.

These laws make it possible for you to

  • request your credit report and correct any errors you find.
  • receive information about why a lender denied you credit or increased the cost of credit to you.
  • protect your identity.
  • place a fraud alert on your credit reports.
  • file credit-reporting complaints.

Fair and Accurate Credit Transactions

The Fair and Accurate Credit Transactions Act (FACTA) provides you with better access to your credit information. Under FACTA, consumers are entitled to one free credit report every 12 months from each of the three credit bureaus (Equifax, TransUnion, and Experian). Reviewing these reports allows you to correct any errors in your credit history and protect your credit identity. Learn more about identity theft on the Federal Trade Commission website and in the OCC’s “Answers About Identity Theft.”

To order your free credit reports,

  • visit annualcreditreport.com, or
  • call (877) 322-8228, or
  • complete the Annual Credit Report Request Form and mail it to:

Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281

Do not contact the three nationwide consumer reporting companies individually.

Fair Credit Reporting

The Fair Credit Reporting Act (FCRA) regulates the consumer credit reporting industry. In general, the FCRA requires that industry to report your consumer credit information in a fair, timely, and accurate manner. Banks and other lenders use this information to make lending decisions. If a lender denies credit or increases the cost of credit to you, it must give you the name and address of the consumer reporting agency from which it received your report. Under the FCRA, you have the right to review that report and correct any errors that may be in it. Read “Credit and Your Consumer Rights” on the Federal Trade Commission website and see the OCC’s “Answers About Credit Reports.”

Learn More

Fair Credit Reporting Act fact sheet

Fair Credit Reporting Act fact sheet, part of the BankWise series

The CFPB

We aim to make consumer financial markets work for consumers, responsible providers, and the economy as a whole. We protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law. We arm people with the information, steps, and tools that they need to make smart financial decisions.

In a market that works, the prices, risks, and terms of the deal are clear upfront so that consumers can understand their options and comparison shop. Companies all play by the same consumer protection rules and compete fairly on providing quality and service.

The CFPB

We’re the Consumer Financial Protection Bureau, a U.S. government agency dedicated to making sure you are treated fairly by banks, lenders, and other financial institutions.

https://www.occ.gov/topics/consumers-and-communities/consumer-protection/credit-reporting/index-credit-reporting.htmlhttps://www.consumerfinance.gov/about-us/the-bureau/

Author

  • Samantha Cole

    Samantha has a background in computer science and has been writing about emerging technologies for more than a decade. Her focus is on innovations in automotive software, connected cars, and AI-powered navigation systems.

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