Fair Credit Reporting Act- Reg. V

CRA can report negative info up to 7 seven years, subject to the following:

- Information about a lawsuit or an unpaid judgment against the consumer can be reported for seven years or until the statute of limitations runs out, whichever is longer. - Bankruptcy information may be reported for 10 years.

The written or electronic notice must contain: (Credit Report)

- the actual numerical credit score; - the range of credit scores possible under the model used; - all key factors that adversely affected the credit score - the date of the credit score; and - the name of the entity that created the score or the credit file upon which the score was based.

Consumer Report :

A consumer report is any written, oral or other communication of any information by a CRA: - bearing on a consumer's creditworthiness, credit standing, credit capacity,character, general reputation, personal characteristics or mode of living - to be used in establishing eligibility for credit or insurance to be used primarily for personal, family, household or employment purposes

List the three Consumer Reporting Agencies

Equifax, Experian and TransUnion

Use of Reports:

Only people with a legitimate business need, as recognized by the FCRA, can get a copy of a consumer's report