CFR Part 601 – FTC Prescribed
Summary of Consumer Rights
The prescribed form for this summary is as a separate document, on paper no
smaller than 8x11 inches in size, with text no less than 12-point type (8-point
for the chart of federal agencies), in bold or capital letters as indicated. The
form in the appendix prescribes both the content and the sequence of items in
the required summary. A consumer reporting agency that is not required by law to
have a toll-free number may omit the sentence inviting consumers to call that
number. A summary may accurately reflect changes in numerical items that change
over time (e.g., dollar amounts, or phone numbers and addresses of federal
agencies), and remain in compliance.
A Summary of Your Rights Under
the Fair Credit Reporting Act
The Fair Credit Reporting Act (FCRA) is designed to promote accuracy,
fairness, and privacy of information in the files of every "consumer
reporting agency" (CRA). Most CRAs are credit bureaus that gather and sell
information about you – such as where you work and live, if you pay your bills
on time, and whether you've been sued, arrested, or filed for bankruptcy -- to
creditors, employers, and other businesses. The FCRA gives you specific rights
in dealing with CRAs, and requires them to provide you with a summary of these
rights as listed below. You can find the complete text of the FCRA, 15 U.S.C.
1681 et seq., at the Federal Trade Commission's web site (http://www.ftc.gov).
- You must be told if information in your file has been used against
you. Anyone who uses information from a CRA to take action against you
-- such as denying an application for credit, insurance, or employment –
must give you the name, address, and phone number of the CRA that provided
the report.
- You can find out what is in your file. A CRA must give you all
the information in your file, and a list of everyone who has requested it
recently. However, you are not entitled to a "risk score" or a
"credit score" that is based on information in your file. There is
no charge for the report if your application was denied because of
information supplied by the CRA, and if you request the report within 60
days of receiving the denial notice. You are also entitled to one free
report a year if you certify that (1) you are unemployed and plan to seek
employment within 60 days, (2) you are on welfare, or (3) your report is
inaccurate due to fraud. Otherwise, a CRA may charge you a fee of up to
eight dollars.
You can dispute inaccurate information with the CRA.
If you tell a CRA that your file contains inaccurate information, the CRA must
reinvestigate the items (usually within 30 days) unless your dispute is
frivolous. The CRA must pass along to its source all relevant information you
provided. The CRA also must supply you with written results of the investigation
and a copy of your report, if it has changed. If an item is altered or deleted
because you dispute it, the CRA cannot place it back in your file unless the
source of the information verifies its accuracy and completeness, and the CRA
provides you a written notice that includes the name, address and phone number
of the source.