The Fair Credit Reporting Act
The Fair Credit Reporting Act is in the favor of the consumer and is the basis of this report. It gives you the advantage over credit reporting bureaus. It allows you to correct, update, amend, delete, and tell your side of the story.
Congress passed the law because of the many errors that the bureaus made. They also felt that everyone deserves a second chance in life.Credit bureaus and creditors must follow The Fair Credit Report Act guidelines when dealing with the consumers’ credit. They must also give the consumer certain rights.
With all this in mind to start removing negative items from your reports you must get very defensive about your report. Remember that these credit bureaus are just record keepers; they make money from selling information about you. Your creditors did not get your permission to sell this information to credit bureaus and you are not sharing any profits with them.
Your rights under The Fair Credit Reporting Act
-You may challenge the information reported on your credit report at any time.
-The information you dispute must be reinvestigated by the credit bureaus with no charge.
-When the credit bureaus do reinvestigate, they must do so within a reasonable amount of time. 30 days constitutes a “reasonable amount of time,” unless the credit bureaus notifies you otherwise. If the bureaus do not get confirmation on the items you dispute within 30 days, they must delete the information from your report immediately.
-If the credit bureau finds any errors in the disputed accounts, they must delete or correct the items on your report immediately.
-You have the right to submit a Consumer Statement to tell your side of the story. If you, as a credit consumer, challenge the accuracy of certain items in your credit report and it is verified by the creditor to be correct, you may request that your explanation of the challenged item be included with the report. Your explanation should not be more than 100 words.Remember your rights they are very important!
Congress passed the law because of the many errors that the bureaus made. They also felt that everyone deserves a second chance in life.Credit bureaus and creditors must follow The Fair Credit Report Act guidelines when dealing with the consumers’ credit. They must also give the consumer certain rights.
With all this in mind to start removing negative items from your reports you must get very defensive about your report. Remember that these credit bureaus are just record keepers; they make money from selling information about you. Your creditors did not get your permission to sell this information to credit bureaus and you are not sharing any profits with them.
Your rights under The Fair Credit Reporting Act
-You may challenge the information reported on your credit report at any time.
-The information you dispute must be reinvestigated by the credit bureaus with no charge.
-When the credit bureaus do reinvestigate, they must do so within a reasonable amount of time. 30 days constitutes a “reasonable amount of time,” unless the credit bureaus notifies you otherwise. If the bureaus do not get confirmation on the items you dispute within 30 days, they must delete the information from your report immediately.
-If the credit bureau finds any errors in the disputed accounts, they must delete or correct the items on your report immediately.
-You have the right to submit a Consumer Statement to tell your side of the story. If you, as a credit consumer, challenge the accuracy of certain items in your credit report and it is verified by the creditor to be correct, you may request that your explanation of the challenged item be included with the report. Your explanation should not be more than 100 words.Remember your rights they are very important!
posted by admin at 7:43 PM
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