The Fair Credit Reporting Act is a series of federal laws that govern the way in which credit reports are handled. Arizona has passed its own legislation that mirrors this act with a few additional safeguards in place to better protect its residence. These laws strive to protect consumers from unfair use of their credit scores and unscrupulous credit reporting practices.
Release of Reports
Credit reports in Arizona are considered private documents. Copies of them can only be given if the consumer has approved the release of the report or directly requested it or courts have issued orders for the release of the report. Special circumstances that also warrant a release of the credit report include employment purposes, credit transactions, insurance underwriting, licensure and legitimate business purposes.
Errors on the Report
If you find an error on your credit report, the law requires you to send notice in writing to the credit reporting agency stating why the error is inaccurate. The agency then has 30 days in which to decide whether or not the entry is inaccurate. If it is inaccurate or the credit reporting agency cannot verify its accuracy, the agency must immediately correct it and send notice to anyone who received a copy of your credit history within the past six months.
Failure to Correct Errors
Arizona's laws hold the agency responsible for correcting errors on your credit history if you have properly pointed them out. Specifically, the law holds all consumer reporting agencies, users of credit information or sources of credit information responsible for the way in which they use and maintain that information. Using your credit report maliciously with an intent to harm you makes the entity guilty. In other words, if the agency says it is not incorrect, and you have proof that it is, you can sue for actual and punitive damages under Arizona's laws.
Getting Your Own Copy
Federal laws allow you a free copy of your credit report from Equifax, TransUnion and Experian each year. Arizona does not offer any additional free copies. If you wish to purchase an additional copy, you can do so through each of the credit bureaus individually. To get the free copy, visit annualcreditreport.com, the official website through which consumers can request these copies. Also, if you are denied credit, employment, insurance or any other benefit due to your credit score, Arizona's laws allow you to get a free copy of your report. You can also get a free copy if you are the victim of identity theft, are on public assistance or are currently unemployed and seeking a job.
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