• At least once a year, check your credit report.credit 3d sign image by onlinebewerbung.de from Fotolia.com
  
  If you have or use credit, then you have a credit file on you kept by the three major credit bureaus: Experian, Equifax and TransUnion. Although the credit bureaus are private companies, they must still follow certain rules. The Fair Credit Reporting Act (FCRA) regulates the way credit bureaus use the information contained in their database, and it outlines your rights as a consumer regarding that information.
  
  

Adverse Action

• If a creditor or anyone accesses your credit information and takes an adverse action against you, that person or company is required to tell you that they have done so. They must also share the name, number and address of the credit bureau that provided the credit information. An adverse action could be a denial of credit, denial of employment or any type of denial where the decision was based in whole or in part on the data contained within your credit report. This notification should be in writing.
  
  

Personal Access

• Under the FCRA, you have the right to see the information contained in your credit file. Credit bureaus are allowed to charge you a fee to order your credit report. This fee varies from state to state. However, if adverse action has been taken against you, you have the right to order your credit report for free from the bureau that provided the data. You must request this free report within 60 days of receiving the notice of adverse action. You may also receive a free credit report if you are unemployed, on welfare or the victim of identity theft. In addition, you have the right to request your credit score from the credit bureaus for a fee.
  
  

Disputes

• You have the right to dispute inaccurate information contained within your credit report. You may file a dispute online at the bureau's website, by mail or by phone. The credit bureau has 30 days to investigate your dispute. The bureau will contact the creditor or company that provided the information to them to verify its accuracy. The bureau must either correct the information or remove it completely if it cannot be verified. The bureau must provide the investigation results to you in writing and send you an updated copy of your credit report if any information was changed.
  
  

Outdated Information

• Negative information, such as late payments, charge-offs and collection accounts, can remain on your credit report only for seven years. After this time, the credit bureau is required to delete it from your credit report. From that point forward, the reporting creditor or company is not allowed to reinsert that particular account into your credit file. If outdated data appears on your report, you have the right to dispute it and have it removed.
  
  

Permissible Purpose

• Under the FCRA, access to your credit file is limited. Only companies that have a valid need, such as a creditor, landlord, insurer, employer or other business, may access your file. Credit card issuers and insurers may access your file in order to extend firm offers of credit, but you have the right to opt-out of receiving such offers. You must give written permission, however, for an employer to access your file. Whenever someone does access your credit file, there is an inquiry placed on your report that lists the name of the company that accessed it, the date and the reason for the inquiry.