The federal Fair Credit Reporting Act (the “FCRA”) gives consumers certain rights regarding their file in the credit bureau. The FCRA was enacted to promote the accuracy, fairness, and privacy of information of the files of credit bureaus.
Negative information may generally be reported on your credit report for up to seven years and bankruptcy information for up to ten years. A consumer has the right to dispute inaccurate or outdated information on his credit report under the FCRA. The credit bureau and the provider of the information (such as the credit card company or other lender) have the duty to correct inaccurate or outdated information. You may dispute the information on the credit report with both the credit bureau and the provider of the information. The credit bureau must generally investigate the disputed item within 30 days. When the investigation is complete, the credit bureau must give a person the written results.
You may obtain a free copy of your credit report once every 12 months from each of the three major credit bureaus at www.annualcreditreport.com.