The FCRA provides accuracy, fairness, and privacy in the information in the files of consumer reporting agencies. The Federal Trade Commission oversees the act.

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The FRCA provides that:

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1. consumers have the right to know the specific content of any negative information released to the mortgage company.

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2. Consumers have a right to know what is in his or her file.

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3. Consumers have the right to request a credit score from any agency that distributes scores.

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4. Consumers have the right to dispute incomplete or inaccurate information.

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5. If there is incorrect information, the credit reporting agency must correct it or delete the inaccurate, incomplete, or unverifiable information upon request and proof.

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6. Consumer reporting agencies may not report outdated negative information.

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7. Consumers may seek damages from any credit agency that violates the FCRA.

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Federal Rights during Mortgage Application Process