Under the Fair Credit Reporting Act (FCRA), what information can consumers request from credit bureaus, and what recourse do consumers have if they find inaccurate information in their credit report?

Question

What will be an ideal response?

Answer 1

Under the Fair Credit Reporting Act (FCRA), consumers may request the following information at any time from a credit bureau: 
(1) the nature and substance of all the information in their credit file; 
(2) the sources of this information; and, 
(3) the names of recipients of their credit report. 

If a consumer challenges the accuracy of pertinent information contained in a credit file, the agency may be compelled to reinvestigate. If the reporting company cannot find an error, despite the consumer's complaint, consumers may file a 100-word written statement of their version of the disputed information. 
If a consumer reporting agency or user violates the FCRA, injured consumers may bring a civil action against the violator and recover actual damages. The FCRA also provides for criminal penalties.