Improve Your Credit Score by Obeying FCRA

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It is the basic idea that you need an improved credit score to make your financial flow smooth. Without this, you might face difficulties in getting loans and advances from any respected or reputed financial agency. In fact, you have to get a good credit score to apply for some house loans or other kinds of bank loans. 

Despite this, you might get a lower credit score if any kind of distorted statement is put in your financial statements by some third parties.  Therefore, protecting your credit rating from these malpractices is very necessary and needed this time.

Do they collect your financial information? 

The FCRA is collecting all the information about your financial information. The collector of the information under this act is the credit raters. If you give all of your information to them then they will verify everything and then give you a credit score accordingly. 

  • Note that, as a consumer, you have the right to see all the processes under this law. 
  • Your privacy and information will be protected under the consumer protection laws. 
  • If someone posts a false statement regarding your financial score, then it will be verified again. 
  • You cannot be denied any of the rights without having a ground. 

Who can ask you to show your credit score? 

See, as a citizen, anyone can ask you to show your credit score. It can be your landlord, policeman, or even your employer. They have the right to reject you or stop you from getting some right if you fail to show them an accurate credit score or the permissible credit score. 

Note that, if you have been proved bankrupt by the credit rating agencies then you have the right to seek further evaluation of your credit score after seven years. 

What rights are protected under the FCRA?

The first and foremost thing you need to know is that you have the basic right to know your ground of rejection. If you have been rejected or denied some rights for not showcasing the right amount of credit score then you must know the reason behind it. 

  • Moreover, you have the right to see exactly what is mentioned in your files. 
  • If any agency gives you a low credit score or inaccurate score then you have the right to tick this act as a violation of the FCRA. 

Measures to take to improve credit score 

First of all, you need to take action for your old records. Many companies or the agencies that provide credit scores use their old records to provide credit scores. This type of misplacing of the old records in the new domain comes under the violation of the FCRA. Thus, you have to make sure that all of your old records are not included in the present credit score files. You have the right to replace the old information with the updated ones.

 

Added to this, you can also limit your financial data accessibility to enhance your credit score.