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Consumer Credit Protection Act: Congress passed these laws to protect you — the FCRA, FDCPA, CROA, ECOA and TILA are all part of it.
FCRA § 611: You have the right to dispute inaccurate or incomplete information, and the credit bureau generally must investigate within 30 days — free of charge.
FCRA § 605: Most negative information must come off your report after 7 years. Most bankruptcies: 10 years.
FCRA § 605B: Identity theft victims can have fraudulent accounts blocked from their credit reports.
FCRA § 612: You are entitled to free copies of your credit reports at AnnualCreditReport.com.
FCRA § 615: If you are denied credit because of your report, you must be told and told which bureau was used.
FDCPA § 809: Dispute a debt in writing within 30 days and the collector must stop collecting until it verifies the debt.
FDCPA § 805: You can tell a debt collector in writing to stop contacting you.
FDCPA § 806–807: Debt collectors may not harass you, threaten you or lie to you.
CROA § 404: No credit repair company may charge you before its services are fully performed.
CROA § 407: You have 3 business days to cancel a credit repair contract without penalty.
ECOA: Creditors may not discriminate against you for race, color, religion, national origin, sex, marital status, age, or receiving public assistance.
TILA: Lenders must clearly disclose the true cost of credit — including the APR — before you sign.
SCRA: Active-duty servicemembers can cap interest at 6% on many debts taken on before service.

Consumer Credit Protection Act: Congress passed these laws to protect you — the FCRA, FDCPA, CROA, ECOA and TILA are all part of it.
FCRA § 611: You have the right to dispute inaccurate or incomplete information, and the credit bureau generally must investigate within 30 days — free of charge.
FCRA § 605: Most negative information must come off your report after 7 years. Most bankruptcies: 10 years.
FCRA § 605B: Identity theft victims can have fraudulent accounts blocked from their credit reports.
FCRA § 612: You are entitled to free copies of your credit reports at AnnualCreditReport.com.
FCRA § 615: If you are denied credit because of your report, you must be told and told which bureau was used.
FDCPA § 809: Dispute a debt in writing within 30 days and the collector must stop collecting until it verifies the debt.
FDCPA § 805: You can tell a debt collector in writing to stop contacting you.
FDCPA § 806–807: Debt collectors may not harass you, threaten you or lie to you.
CROA § 404: No credit repair company may charge you before its services are fully performed.
CROA § 407: You have 3 business days to cancel a credit repair contract without penalty.
ECOA: Creditors may not discriminate against you for race, color, religion, national origin, sex, marital status, age, or receiving public assistance.
TILA: Lenders must clearly disclose the true cost of credit — including the APR — before you sign.
SCRA: Active-duty servicemembers can cap interest at 6% on many debts taken on before service.

Learning Center

Glossary of Credit Terms

The words the credit industry uses — explained in plain English.

By Richie Barrett · Published September 26, 2026

Adverse action: A denial of credit, insurance or employment, or less favorable terms, based on information such as a credit report. You must be notified.
Annual percentage rate (APR): The yearly cost of credit, including interest and certain fees, expressed as a percentage.
Authorized user: Someone allowed to use another person’s credit card but not legally responsible for the debt.
Charge-off: A creditor’s accounting write-off of a debt it doesn’t expect to collect. The debt may still be owed.
Consumer reporting agency (credit bureau): A company that assembles consumer reports — the three nationwide ones are Equifax, Experian and TransUnion.
Date of first delinquency: The date an account first became late and never caught up. It controls how long negative information can be reported.
Debt validation: The collector’s required notice about a debt, and your right to dispute and receive verification under the FDCPA.
Deficiency balance: What remains owed after repossessed or foreclosed property is sold.
Fraud alert: A notice on your file telling creditors to verify your identity before opening credit.
Furnisher: A company that reports information about you to the credit bureaus — lenders, card issuers, collectors and servicers.
Hard inquiry: A record that a lender reviewed your report because you applied for credit.
Method of verification: A description of how a bureau verified disputed information, which you may request after a reinvestigation.
Mixed file: A credit file containing information that belongs to someone else.
Permissible purpose: A reason the FCRA allows for someone to obtain your credit report.
Re-aging: Illegally reporting a newer delinquency date to keep negative information on a report longer.
Reinvestigation: A credit bureau’s investigation of information you dispute.
Security freeze: A free block that prevents most new creditors from seeing your report until you lift it.
Statute of limitations: The time limit, set by state law, for a creditor or collector to sue on a debt.
Utilization: Your revolving balances divided by your credit limits.

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Know where to go — the credit bureaus and the agencies that protect you

Links go to each organization’s official website. Kaironeek Financial is not affiliated with or endorsed by any of them.