Access to Information

• Only certain businesses have the right to view your credit history. Lenders, collectors and any other company with a legitimate financial need for your credit records can request a copy of your report at any time. Other companies that wish to view your credit information, such as employers, insurance companies and landlords must obtain your written permission before requesting your report. You can also access your own credit report. The FCRA notes that consumers can request one free copy of their credit file each year.
  
  

Correcting Errors

• Errors on your credit report can cause businesses to unjustly turn down your applications or charge you higher interest rates than you deserve. The FCRA gives you the right to dispute any mistakes on your report with the reporting agencies themselves and the information providers that originally inserted the incorrect information. According to the Federal Trade Commission, you can submit a dispute by phone, by mail or online.
  
  

Reporting Periods

• Information your creditors report to each reporting agency only remains a part of your credit file for a limited period of time. The reporting agencies remove closed accounts and derogatory entries, such as charge-offs and collections, after seven years. Certain negative entries can remain a part of your credit history for longer periods of time. A bankruptcy, for example, appears in your credit file for 10 years while a tax lien can appear for up to 15 years.
  
  

Consumer Statement

• Sometimes negative information appears on your credit report due to extenuating circumstances rather than your own financial irresponsibility. The FCRA gives you the right to add a consumer statement to your credit file explaining the circumstances surrounding any item on your credit report. Lenders who pull your credit file will see the consumer statement and may take it into consideration. Your consumer statement must total 100 words or less.
  
  

Fraud Alerts

• The Fair and Accurate Credit Transactions Act is a 2003 amendment to the FCRA that provides you with the right to protect yourself against identity theft by adding a fraud alert to your credit file. A fraud alert is a notice visible to any business that pulls your report requesting that the business contact you by telephone and receive your approval before extending credit in your name. You must renew your fraud alert every 90 days.