FAIR CREDIT REPORTING ACT
If inaccurate information is found to be reported on your credit record, you should refer to the Fair Credit Reporting Act. This is a federal law that regulates such matters. It holds credit reporting agencies accountable for handling credit data fairly. Experian, Equifax, and TransUnion are the three most used credit agencies. These agencies record, archive and rate your credit data and sell it to financial institutions and businesses looking to hire employees. This data and rating are what these institutions use to make decisions to extend loans or hire. Once received, these companies are to handle this information fairly and with privacy. There are several acts listed under this one including the more widely known Credit Card Act and the Dodd Frank Act. Find out more here.
CONSUMER FINANCIAL PROTECTION BUREAU
If you feel you have been wronged in the process of obtaining goods or services, you are able to report this to the Consumer Financial Protection Bureau. Finance companies are required to comply with rules and regulations when extending services to consumers. Once a complaint is submitted, your case will be reviewed and closely monitored by the CFPB until resolved. Their job is to manage any abuse or neglect that may be experienced by a consumer such as yourself. Count on them to help you understand the law concerning your credit. Visit their website to learn more, Consumer Financial Protection Bureau.