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Fair Credit Reporting Act

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All Federal Laws are in the consumer's favor and you will have the advantage, especially with the Federal Fair Credit Reporting Act. This is because when you dispute any information contained on your credit report, The Credit Bureau must verify the accuracy of the information with the creditor who reported the information within 30 days, or it will be removed.

You have the right to correct, update, amend and tell your side of what happened to the credit community. These laws Do Not Help you unless you use them.

Because the Fair Credit Reporting Act include rules that credit bureaus and your creditors must follow when reporting your credit file, as well as giving the consumer certain rights, you can afford to be defensive about your Credit Report. Remember that credit bureaus are not your friends. They are just private companies selling information about you.

Your Six Basic Rights under The Fair Credit Reporting Act

1. You have the right to Challenge The Accuracy of your credit report any time.

2. The credit bureaus must reinvestigate anything you challenge without a charge.

3. The credit bureaus must reinvestigate Within A Reasonable Amount of Time--30 days, unless the bureau notifies you otherwise.

4. If the credit bureau finds an error in the challenged item, they must delete or correct that information in your files immediately.

5. If the credit bureaus cannot or do not Confirm The Challenged Item within 30 days, they must delete that information from your files immediately.

6. You have the right to submit a Consumer Statementof your view of the problem. If you, as a credit consumer, dispute the accuracy of certain information in your credit report and it is verified by the creditor as correct, then the credit bureau is required to include your explanation of your dispute, if you request, in your credit report. Limit your explanation to no more than 100 words.

Fair Credit Reporting Act

The Fair Credit Reporting Act (FCRA) is written as a protection for the consumer and not the credit reporting agencies. Please see www.ftc.gov/s/statutes/fcradoc.pdf for details of this important act.

The FCRA explains what we can see from the credit reporting agencies and our rights. We have a right to view the financial history which the credit bureaus have for us. Remember that these agencies are interested in money and are "for profit."

As you have previously learned, there is a variety of information on your credit reports. Some of this information is accurate while some may be inaccurate. These reports may have outdated and completely false claims which can ruin your credit without you knowing it.

According to the FTC (Federal Trade Commission) tells us that we can fix any problems with our credit reports ourselves without any help from a possibly disreputable company. According to the FCRA, the only "negative information" that can remain on your credit report is "negative information" that can be proven to be true.

When you review your credit reports, mark any information that you plan to dispute as inaccurate. Sorry, but if it's true it has to stay. Then you will make your case for why the marked items are false

All of your data regarding inaccurate information will need to be documented and provide your proof of an error. This will be sent to the Credit Bureaus who must respond. It will be up to them to prove all information is true.

If you feel that this process is definitely something that you cannot complete yourself, you might be considering "credit counseling." Please Beware of companies that advertise ability to change your credit score almost overnight. If it sounds too good, it's probably true. Also, you may be required to pay a high "up front" fee and a monthly fee. Remember, these agencies are also businesses that need to make money. These could be SCAMS.

There are people who can probably give you referrals for honest companies or people who can assist you. People are available who are reputable and will take care of your needs.

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About Author

Both Jeffrey Broobin & Rob Kosberg are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Jeffrey Broobin has sinced written about articles on various topics from Estate Planning, Legal Matters and Recreation and Sports. . Jeffrey Broobin's top article generates over 40500 views. Bookmark Jeffrey Broobin to your Favourites.

Rob Kosberg has sinced written about articles on various topics from Credit Counseling, Credit Loans and Free Credit Report Score. With unprecedented challenges in the credit markets it's more important than ever to have excellent credit. For more information check out Rob Kosbergs' Detailed FREE Report on Maintaining and Repairing your Credit Score by going to. Rob Kosberg's top article generates over 60500 views. Bookmark Rob Kosberg to your Favourites.

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