Knowing Your Rights
You have a right to know what’s being reported about you, and to verify it’s accuracy. These rights are regulated by the Federal Trade Commission as mandated by the Fair Credit Reporting Act (FCRA) and subsequent amendments:
- The Consumer Credit Protection Act (1969) is the catalyst for consumer credit protection laws, latter amended by the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, Credit Repair Organizations Act, and the Truth in Lending Act.
- The Fair Credit Reporting Act (1970) protects you against inaccurate or misleading information in credit files maintained by credit reporting agencies. It requires you to have access to see what’s included in your credit file, and that you have the ability to correct any inaccurate or unverifiable errors.
- The Equal Credit Opportunity Act (1974) prohibits discrimination in credit transactions on the basis of certain personal characteristics including race, color, religion, national origin, sex, marital status, age, being a recipient of public assistance or exercising your rights under the Consumer Credit Protection Act.
- The Fair Credit Billing Act (1974) requires that a credit card company promptly credits your payments and corrects mistakes on your bill without damage to your credit score. It also lets you dispute credit card billing errors and withhold payment for damaged goods.
- The Fair Debt Collection Practices Act (1977) details the rules a debt collector must follow when trying to collect a debt. It prohibits collectors from engaging in abusive collection practices such as calling outside of the hours of 8:00 a.m. to 9:00 p.m. local time, or communicating with you at work after they have been advised that this is unacceptable or prohibited by the employer.
- The Fair and Accurate Credit Transactions Act (2003) paved the way for consumers to receive a free copy of their credit report every year at annualcreditreport.com. This act also includes provisions to help prevent identity theft.
Frequently Asked Questions
Mission and Values
Many people are struggling to manage their personal finances and this often leads to affecting their credit as well. There are many ways to spend money, however, there are just as many ways to make money as well; but only if you’re aware of them. Our mission is to increase financial literacy while creating opportunities for financial growth. Whether you are looking to develop a solid budget plan, improve your credit profile or maximize your income, we offer resources and information to meet you where you are, and help you get to where you want to be. As a premier financial hub, we are dedicated to helping our subscribers spend less time worrying about how to fund their financial goals, and more time achieving them.