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A Summary of the Fair Credit Reporting Act
This summary of the Fair Credit Reporting Act will explain
what you can legally do if you want to repair your own credit
report. No matter what you hear, you can dispute credit
information on your credit report if you understand the legal
rights you have under this law.
The Federal Fair Credit Reporting Act was enacted by the
United States Congress in 1971. In summary, it says that the
credit bureaus must investigate a consumer dispute if they want
to challenge credit information on his or her credit report.
It also states that credit bureaus are required to complete
the investigation within a 30 day period. If the credit bureau
finds that the disputed information is inaccurate or cannot be
verified, they must promptly delete that information.
But there are some cases when a consumer dispute can be
ignored by the credit bureaus. If you challenge a negative credit
listing on the basis of things like health problems, divorce or
job loss, the credit bureaus are entitled to ignore those kinds
of disputes. The information you dispute must be either old or
incorrect.
You must file a valid dispute where the credit bureaus can
contact the creditor and confirm that the new information you
gave them is accurate and can be verified. If the credit bureau
does not receive verification from the creditor within 30 days,
the Fair Credit Reporting Act says the credit bureau must
promptly delete that credit listing.
Even though the process sounds simple, the credit bureaus make
it more difficult than you can imagine. The credit bureaus don't
like the credit repair companies or anyone offering instruction
on how to repair your own credit report. Why? Because it means
more work for them.
The credit bureaus blast credit repair companies in the media
and warn people against using credit repair services. The bureaus
openly deny that any information can even be removed from your
credit report.
It is reported that 79 percent of all credit reports contain
some type of errors, and up to 25 percent of these errors could
result in credit denials, hiked interest rates, and even lost
employment opportunities.
If you have any amount of negative credit on your credit
report it will cause the interest on all loans you apply for to
be much higher. It will even become a barrier to your credit
approval. That will cost you a fortune in unnecessary higher
interest resulting in higher payments on anything you buy.
How you decide to address or dispute credit information is
entirely up to you. But regardless of what you may hear in the
news, thousands of people have restored their credit. You can
choose to repair your own credit report or hire a professional
service to do it for you.
The truth is you do not have to endure bad credit for seven to
ten years if you want to challenge the accuracy of your credit
report. This summary of the Fair Credit Reporting Act shows you
it is possible for you to repair your own credit report and the
sooner you start the better.
Copyright © 2005 Credit Repair Facts.com All Rights
Reserved.
This article is supplied by http://www.credit-repair-facts.com
where you will find credit information, debt elimination programs
and informative facts that give you the knowledge to correct your
own credit and credit report. For more credit related articles
like these go to: http://www.credit-repair-facts.com/articles_1.html
MORE RESOURCES:
MORE COLLEGE CREDITChicago Sun-Times, United States - 11 hours agoDespite the current nationwide credit crunch, the State of Illinois secured $100 million for the student loans by tapping a new source -- credit unions. ... |
Credit repair is a DIY projectBaltimore Sun, United States - 3 minutes agoBy Gail MarksJarvis | chicago tribune Mike Ferrara wants to buy a house in a few months and is worried that mistakes on his credit report will keep him from ... |
Ask, and you might receive a lower credit-card rateSeattle Times, United States - 20 minutes agoPick up the phone, look at the latest credit-card offers and keep repeating this: The bank needs me more than I need it. By Susan Tompor Pick up the phone, ... |
Credit - Google News
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