Many people think borrowing money puts you in a position of weakness. Yes, you have an obligation to pay that money back. But that doesn’t mean your creditors can do whatever they want to you when you apply for a loan and accept a debt with them.
As a consumer, you have rights specifically designed to protect you. These rights provide transparency, privacy, and recourse when dealing with credit-related issues.
Understanding and exercising these rights can empower you to take control of your credit and create a pathway toward financial health. At CredEvolv, we’re here to help make this journey easier by connecting you with certified, nonprofit credit counselors who can guide you every step of the way. This is especially valuable when your current credit score is holding you back from buying a home and seizing other opportunities.
Let’s dive into 10 of the basic rights you have as a borrower. We’ll also look at how these rights support your financial goals, and how CredEvolv can help you leverage these rights to improve your credit standing for the long term.
Each time someone requests a copy of your credit report – whether it’s a bank, credit card issuer, or potential employer – it’s documented. You have the right to see who has inquired about your credit.
The right to view your credit report
One of the most fundamental rights you have as a borrower is the right to view your credit report. This allows you to check your credit report for free once a year, either directly with each of the three main credit bureaus – Equifax, Experian, and TransUnion – or through AnnualCreditReport.com. Reviewing your report helps you stay informed about your credit health, monitor for errors, and spot signs of potential identity theft.
If you’ve been denied credit, you’re entitled to an additional free report within 60 days of the denial. Regularly checking your credit report enables you to address potential issues. Doing so also gives you an overview of how lenders might view you.
At CredEvolv, our platform goes beyond simply accessing your credit report. We provide expert insights through our certified credit counselor partners. They can help you understand what your report means for achieving your financial goals.
The right to know who has inquired about your credit
Each time someone requests a copy of your credit report – whether it’s a bank, credit card issuer, or potential employer – it’s documented. You have the right to see who has inquired about your credit. This gives you visibility into who has accessed your information. By knowing who’s looking into your credit history, you can monitor whether these inquiries are accurate or if there’s any suspicious activity.
This level of transparency can help you understand which inquiries might impact your score. CredEvolv’s counselor partners can guide you on minimizing unnecessary inquiries and provide you with tips to protect your credit standing.
The right to request verification of incorrect information
Mistakes happen. Unfortunately, they can sometimes appear on your credit report. If you find an error, you have the right to dispute it. Credit reporting agencies are required to investigate any item you believe is incorrect, ensuring that only accurate information impacts your credit. Inaccurate negative entries can lower your credit score and make borrowing more expensive or even unattainable.
CredEvolv’s platform allows you to work with credit counselors who understand the dispute process and can guide you through it step-by-step. Our counselor partners can help you file disputes, follow up with credit bureaus, and verify that your report reflects your true credit history.
The right to add missing data
Sometimes, credit reports don’t reflect all the positive actions you’ve taken. Whether it’s timely rent payments, utility bills, or past or present tradelines, you have the right to add this data to your credit file. Doing so can enhance your report, especially if you’re looking to build or repair your credit.
CredEvolv’s counselor partners can help you identify which types of data can improve your credit report. They can also assist you in incorporating these often-overlooked positive details into your credit history.
The right to remove old information
Financial missteps shouldn’t follow you forever. The law ensures that most negative information, like late payments or debt collections, is removed from your report after seven years. Bankruptcies typically stay on your report for 10 years. This means you can start fresh and that past issues don’t have to impact your future financial opportunities indefinitely.
The counselors on the CredEvolv platform understand the implications of these time limits. They can help you strategize how to improve your credit over time. Together, you can make sure that past negative marks are eventually removed to help boost your score.
The right to add a personal statement
Perhaps you’ve experienced a significant life event that affected your credit, such as job loss, illness, or divorce. You’re entitled to add a brief personal statement to your report. This explanation can help future lenders understand the circumstances behind your credit challenges.
You should consider adding this personal touch to your credit reports. You should also consider enlisting the assistance of one of our counselor partners. They can help you draft a concise statement that explains your situation thoughtfully and professionally.
The right to privacy
Your credit report contains much of your private financial information. The law requires that no one can view your report without your consent, except under specific, legitimate business conditions. This right is in place to safeguard your personal data and help ensure that your credit information isn’t accessed or used fraudulently.
Our platform reinforces this commitment to privacy by working only with nonprofit credit counselors who prioritize your confidentiality. We provide a safe and secure space where you can address your credit concerns confidently.
The right to transfer your credit history
Moving doesn’t mean you have to reboot your credit history. This provision of the law guarantees that your credit report follows you wherever you go in the United States. This continuity ensures that you retain your credit history, good or bad, even if you relocate.
With CredEvolv’s expansive network, you’ll have access to certified counselors regardless of where life takes you. They can help you keep track of your credit and make positive strides no matter where you call home.
The right to know why you were denied credit
If you’re ever denied credit, you have the right to know why. This transparency allows you to take corrective steps if possible. Knowing why a creditor declined your application offers insight into which areas of your credit profile you may need to work on.
CredEvolv’s platform helps you respond to these situations proactively. Our counselor partners are here to support you in creating a tailored action plan that addresses areas of improvement. That way, your next credit application has a better chance of approval.
The right to small claims court for credit disputes
Ideally, this is a last resort. But if you’ve disputed an error on your credit report without resolution, you have the right to take the issue to small claims court. This legal option offers a way to present your case and potentially correct credit inaccuracies that could be holding you back.
CredEvolv’s counselor partners can explain your rights and options if you reach this stage. They can also help you find a path to resolution that works in your favor.
How CredEvolv empowers you to exercise your rights
Understanding your rights is empowering. Knowing how to use them is even more impactful. At CredEvolv, our mission is to help you take control of your financial future in a legal, ethical way so you can enjoy short- and long-term benefits. We connect you with certified, nonprofit credit counselors who provide you with expert support so you can make informed decisions and take meaningful action toward a healthier credit profile.
On the CredEvolv platform, you’re not alone in this journey. Whether it’s disputing an error, monitoring inquiries, or taking other steps to improve your credit score, our counselors are here to assist, advocate, and encourage you at every step. Improving your credit doesn’t just mean managing the numbers; it’s about building the knowledge and confidence to reach your financial goals and maintain a healthy credit score.
Enroll today and take charge of your financial future with CredEvolv. Let’s work together to create a credit success story you can be proud of!