|
|
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.
Applying For A Home LoanApplying for a home loan may not be the most exciting way to spend your time, but if you are like many potential homeowners, .....
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.
A Note About Personal BankruptcySometimes, the formal and legal declaration of personal bankruptcy is the best way to go when you're "snowed under" with bills, and you ..... 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.
......
Read More ...
|
|
|
