Fair Credit Reporting Act

A federal law that makes sure that information about your credit score and credit report is treated fairly. Under this law, you must be allowed access to your credit report and must have the chance to fix any errors you find on your credit report. Thanks to this law, negative information can be removed within a few years and you have the right to add a statement on your credit report explaining any negative information (like all those late payments).

Find other enlightening terms in Shmoop Finance Genius Bar(f)