money you owe. Credit reports also can contain rental repayment information if you are a property renter. It also can contain public records such as liens, judgments, and bankruptcies that provide insight into your financial status and obligations." Inaccuracies in consumer reports A 2015 study released by the Federal Trade Commission found that 23% of consumers identified inaccurate information in their credit reports. Under the Fair and Accurate Credit Transactions Act (FACTA), an amendment to the FCRA passed in 2003, consumers are able to receive a free copy of their consumer report from each credit reporting agency once a year. The free report can be requested by telephone, mail, or through the government-authorized website: annualcreditreport.com. Civil liability The FCRA regulates: Consumer reporting agencies; Users of consumer reports; and, Furnishers of consumer information. If a consumer's rights under the FCRA are violated, they can recover: Actual or statutory damages; Attorney's fees; Court costs; and, Punitive damages if the violation was willful. "The threat of punitive damages under 1681n of the FCRA is the primary factor deterring erroneous reporting by the reporting industry." The statute of limitations requires consumers to file suit prior to the earlier of: two years after the violation is discovered; or, five years after the violation occurred. Consumer attorneys often take these cases on a contingency fee basis because the statute allows a consumer to recover attorney's fees from the offending party. Users of consumer reports Users of the information for credit, insurance, or employment purposes (including background checks) have the following responsibilities under the FCRA: Users can only obtain consumer reports for permissible purposes under the FCRA; Users must notify the consumer when an adverse action is taken on the basis of such reports; and, Users must identify the company that provided the report, so that the accuracy and completeness of the report may be verified or contested by the consumer. Employment background checks Employers using consumer reports to screen job applicants or employees must follow specific procedures: Get your written permission; Tell you how they want to use your credit report; Not misuse your information; Give you a copy of your credit report if the employer decides not to hire or fires you; and, Give you an opportunity to dispute the information contained within your credit report before making a final adverse decision. Furnishers of information A creditor, as defined by the FCRA, is a company