The misuse of easily and unaccountably obtained personal information can cause severe damages to the concerned person whose information has been collected. To prevent such circumstances, American Federal Law created the Fair Credit Reporting Act (FCRA) which forms the backbone of consumer credit rights. The FCRA is a compilation of set rules that facilitate accuracy, fairness and privacy of personal data collected by various consumer reporting agencies, which are known as CRAs. Consumer reporting agencies furnish relevant information to people/organizations seeking personal details for the purpose of credit evaluation and other requirements, within the scope of a background check.
Is my personal data safe with CRAs?
This is a question that raises a sense of insecurity and concern among many people. However, the FCRA has implemented strict measures to ensure that personal data is guarded against any possible misuse.
The FCRA maintains a watchful eye on the kind of data being divulged, as well as the way in which it is being furnished so as to prevent possible misuse of personal information. They keep a check on Consumer Reporting Agencies (CRAs) or the credit rating agencies, such as credit card companies, mortgage lenders, banking institutions etc. The FCRA also regulates the amount and type of information being given out by CRAs by validating the reason for such requests, which could range from employee verification to verification for credit worthiness.
The following is a brief summary of your rights based on FCRA guidelines:
*Right to know the information that is contained in your file. All citizens have a statutory right to obtain their information by making a request to FCRA.
*Right to know the information that has been shared with credit reporting agencies.
*Right to know your credit score, this is a summary of your credit worthiness.
*Right to dispute incomplete or inaccurate information.
*Right to seek correction or deletion of inaccurate, incomplete or unverifiable information.
*Right to seek damages from any violator for the misuse of personal information.
Because of these set guidelines set down by the FCRA, it is regarded as the most reliable source of personal information. Therefore, it is no wonder that most of the employers would demand background and other verification checks that complies with the policies of the FCRA.
Infocubic provides customized
pre-employment screening services, as well as FCRA compliance consulting.please visit:
FCRA
