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
|
|
|
Inflexible Friends And Plastic Assets, Why Money Isn?t Buying Love Anymore
Consumers reject financial advice in favour of financial frivolityIt would appear that even though their "friends"...(related: Apply for a Credit Card)
The Top 5 Secrets To Managing Your Credit Cards?so They Won?t Manage You
You've probably never heard of Frank X. McNamara, but he revolutionized the way you shop on a daily basis.One evening in 1949, McNamara-head of the Hamilton Credit Corporation in New York City-was dining out with two business associates. Their topic of discussion: one of McNamara's clients, who was defaulting on a loan because he had shared his gasoline and department-store credit cards with some friends in need. Unfortunately, the friends didn't have the money to pay back what they had borrowed, so ...(related: Apply for a Credit Card)
When You Are Eligible For A Free Credit Report
By Federal law, you are entitled to one free credit report per year directly from a credit-reporting agency only if you certify that:1. You are unemployed and seeking employment in the next 60 days.2. You are receiving public assistance.3. You believe there are inaccuracies in your credit report due to fraud4. Also if you have been denied credit on the basis of information in a credit report, you are entitled to a free copy of your credit report from the credit bureau that supplied the credit report.5. Residents of Colorado, Maryland, Mas...(related: Apply for a Credit Card)
Credit Cards And Loans - So Many Options - So Little Time
Credit Cards and Loans sounds like just two things, but in actuality, it is dozens of things. Due to a combination of user preferences, lifestyles, and marketing ideas, there are dozens of different types of credit cards out there. Because of the wide variety of things people need money for and the wide variety of ways to collateralize a loan, there are dozens and dozens of different types of loans out there.Because of the huge variety of different types of credit cards and loans, you need a really big web site to find out about all of them. If you go off in search of a new credit card, how do you know you're getting the best deal or even the best type of card for your lifestyle? Sure, you want a card that offers you some sort of a reward, but if you are a soccer mom, do you really need airline miles, or would a card that provi...(related: Apply for a Credit Card)
How To Dispute Credit Report Errors
Your credit report--a type of consumer report--contains information about where you work and live and how you pay your bills. It also may show whether you've been sued or arrested or have filed for bankruptcy. Companies called consumer reporting agencies (CRAs) or credit bureaus compile and sell your credit report to businesses. Because businesses use this information to evaluate your applications for credit, insurance, employment, and other purposes allowed by the Fair Credit Reporting Act (FCRA), it's important that the information in your report is complete and accurate.Some financial advisors suggest that you periodically review your credit report for inaccuracies or omissions. This could be especially important if you're considering making a major purchase, such as buying a home. Checking in advance on the accuracy of informat...(related: Apply for a Credit Card)
Which Credit Card?
Bewildered by the sheer variety of debit cards and credit cards? Here is a breakdown of some of the main types of debit and credit cards available:Debit cardYou can use a debit card to buy goods and...(related: Apply for a Credit Card)
Useful Tips On Avoiding Credit And Charge Card Fraud
Credit and charge card fraud costs cardholders and issuers hundreds of millions of dollars each year. While theft is the most obvious form of fraud, it can occur in other ways. For example, someone may use your card number without your knowledge.It's not always possible to prevent credit o...(related: Apply for a Credit Card)
Update Your Computer System With Bad Credit Computer Financing
The moment I placed myself in front of the computer screen a whole new world beckoned me to join it. And years of strolling have proved incompetent to get me acquainted with the full panorama of computers. You have always wanted one in your home. But something is stopping you. Bad credit? Do I hear bad credit? You think bad credit can stop you from getting your computer financed. Which world are you living in? You certainly need a computer. Computer financing for bad credit can enable you to get your very own home computer, lab tops, desk top or any other computer requirement.Credit can be marred at any stage due to a number of reasons. Lat...(related: Apply for a Credit Card)
site-map - Copyright © 2006 | Contact Disclaimer/Webmaster | All Rights Reserved. | Apply for a Credit Card