It can sometimes feel to the consumer like businesses and credit agencies have inordinate power over their lives. Agencies and businesses have access to a full report of everything they’ve bought on credit, every payment that’s ever been late, and every interaction a consumer has ever had with creditors. On the basis of these credit-related facts, consumers are given or denied bank accounts, housing, car loans, credit cards, important purchases, and jobs.

The good news is that where credit is concerned, consumers may have more rights than they know. The Federal Trade Commission (FTC) has passed the Fair Credit Reporting Act (FRCA), which protects a consumer’s right to access his or her own information, and to challenge errors or inaccurate reports.

For example, consumers have the right to receive a copy of their own credit report, the same one that a potential creditor sees. Each of the major reporting agencies is required to provide each person a free and complete copy at least once a year. This is incredibly important to the consumer, because it has been estimated that up to eighty percent of all credit reports contain errors. A consumer also has a right to a free copy of their report if they are denied a service because of their credit, for example, if they are denied a credit card or an insurance policy.

Consumers also have a right to know who has inquired about a report of their credit in the last year. The report inquiry time limit extends to two years if the request was an employment inquiry. Consumers might be surprised to find out who has checked their credit, and what services they were denied because of bad credit. If they were denied employment, housing, promotions, or public services because of a bankruptcy, which appeared on their credit, they can take action against the denying agency.

If there are inaccuracies on the credit report, consumers can challenge those reports by contacting the reporting business or agency. In most cases, the challenge results in the figure being changed. If it does not, and the consumer is still unsatisfied with the report, they can add a note to the file explaining their understanding of the situation.

Consumers do not have simply to accept the decisions made about their credit. They have a right to see their own information and to challenge the decisions made by others.

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