Credit Compass

Your Rights & Protections

Your rights as a consumer are protected by several key pieces of legislation. Understanding them empowers you to manage your credit effectively.

Fair Credit Reporting Act (FCRA)

The Right to Accuracy. This is the cornerstone of consumer credit law. It promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies (the credit bureaus).

Your Key FCRA Rights:

  • Right to Dispute: You have the right to dispute incomplete or inaccurate information. Credit bureaus and information furnishers (like your bank or credit card company) are required to investigate your dispute, usually within 30 days.
  • Right to Know What's in Your File: You are entitled to a free copy of your credit report annually from each of the three major bureaus, and also if a company takes adverse action against you (like denying credit) based on your report.
  • Right to a Corrected Report: If an investigation results in a change, the credit bureau must give you the written results and a free copy of your report. They must also remove or correct the inaccurate information.
  • Limited Access: Access to your credit report is restricted to people with a legitimate, legally recognized need—such as a potential lender, landlord, insurer, or employer (with your written consent).

Your Consumer Protection Team

Beyond these laws, several organizations work to protect your rights. Know who they are and how they can help you.

Consumer Financial Protection Bureau (CFPB)
The CFPB is a U.S. government agency dedicated to making sure you are treated fairly by banks, lenders, and other financial companies.
  • What they do: They enforce federal consumer financial laws and ensure that markets for consumer financial products are fair, transparent, and competitive.
  • How they help you: If you have a problem with a financial product or service (like a credit report error, a debt collection issue, or a problem with a bank account), you can submit a complaint to the CFPB. They work to get you a response from the company and use this data to stop unfair practices.
  • When to contact them: When you feel a financial institution has made a mistake or treated you unfairly and you haven't been able to resolve it with them directly.
Federal Trade Commission (FTC)
The FTC is the nation's primary consumer protection agency, working to stop unfair, deceptive, or fraudulent practices in the marketplace.
  • What they do: They collect complaints about identity theft, scams, robocalls, and deceptive business practices.
  • How they help you: While they don't resolve individual complaints, reporting issues to the FTC is crucial. Your report goes into a secure database that law enforcement agencies use to build cases against scammers and bad businesses.
  • When to contact them: When you encounter a scam, experience identity theft, or want to report fraudulent business activity.
Office of the Comptroller of the Currency (OCC)
The OCC is a bureau within the U.S. Department of the Treasury that charters, regulates, and supervises all national banks and federal savings associations.
  • What they do: They ensure that national banks operate in a safe and sound manner, provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations.
  • How they help you: If you have an issue with a national bank (e.g., Chase, Bank of America, Wells Fargo, Citibank), the OCC's "HelpWithMyBank.gov" website is a primary resource for answers and a place to file complaints.
  • When to contact them: For issues related to deposit accounts, credit cards, mortgages, or loans from a national bank.
National Credit Union Administration (NCUA)
The NCUA is the independent federal agency that charters and supervises federal credit unions.
  • What they do: Similar to the OCC but for credit unions, the NCUA ensures the safety and soundness of the credit union system.
  • How they help you: They provide a Consumer Assistance Center to help members resolve disputes with their credit unions. They also insure savings in federal and most state-chartered credit unions through the National Credit Union Share Insurance Fund (NCUSIF).
  • When to contact them: When you have an unresolved issue with a federal credit union.
Better Business Bureau (BBB)
The BBB is a non-profit organization focused on advancing marketplace trust.
  • What they do: The BBB provides business profiles, customer reviews, and ratings. They also offer dispute resolution services.
  • How they help you: You can use the BBB to check a business's reputation before you engage with them. If you have a problem with a business, filing a complaint through the BBB can often lead to a resolution, as businesses are motivated to maintain a good BBB rating.
  • When to contact them: When you have a customer service issue with a business and want a third party to help mediate a solution.