A credit report shows consumer credit activity covering a seven year period. The credit report shows account and payment history, debt load, total liabilities, collections, judgments, evictions, and bankruptcies.
Under the Fair Credit Reporting Act (FCRA) employers must get an employee’s written consent before seeking an employee’s credit report. If denying an applicant because of negative information on a credit report, the applicant must be sent an “adverse action” letter, which informs the applicant of three things: the reason for rejection, the name and address of the agency that reported the negative information, and the applicant’s right to obtain a free copy of the report by requesting it from that agency within 60 days.
4 Related Articles or Comments ↓
1 States and Federal Government Push for Rules to Restrict Employer Credit Checks // Feb 14, 2009 at 9:19 am
Given the economic recession, five states (Hawaii, Connecticut, New York, Missouri, and Texas) and the federal government are pushing new rules to restrict job applicant credit checks run by employers.
2 FTC Launches Videos to Showcase its AnnualCreditReport.com // Mar 21, 2009 at 9:02 pm
The Federal Trade Commission (FTC) has launched a series of music videos about its web site, annualcreditreport.com, which allows people to receive a free copy of their credit report once each year.
3 Illinois Woman Charged with Identified Theft for Accessing the Credit Report of another Woman // Apr 6, 2009 at 11:37 am
A woman in Illinois was charged with identity theft after accessing the consumer credit report of another woman, although no money or property was stolen.
4 How to Deal with an Inaccurate Credit Report // Jun 15, 2009 at 8:05 am
Federal law mandates that credit reporting agencies investigate and promptly correct any errors consumers report to them. However, it is important for consumers to be proactive and check their credit reports to make sure they are accurate and to take action if they are not.
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