The fair credit reporting act and what you should know about it your credit score can make or break you in many ways. Knowing the following six basic rights is essential protect your credit report.
The FCRA, is enforced by the Federal Trade Commission and designed to insure accuracy and privacy of the information used in consumer credit reports. Recent amendments expand your rights and place additional requirements on your information and how it is used.
Any company that supplies information about you to credit reporting agencies and those that use consumer reports must abide by the fair credit reporting act.
With your credit report in hand, you are now ready to repair your credit rating. Following the FCRA your first step is to know your legal rights. What can you do if your credit report contains false, misleading or incomplete information?
The Fair Credit Reporting Act (FCRA), 15 USC sections 1681a through 1681t, protects you against credit abuse that might result in an unfair description of your creditworthiness.
Over 150 million Americans have credit files with the major credit reporting agencies. As many as 50 million of these files contain errors, even though consumers view these files as one of their most important assets.
Knowing the following six basic rights is essential if you are to successfully erase the negative marks in your credit report and regain a good credit status.
Right #1. You are allowed to challenge the accuracy of your credit report at any time.
Right #2. The credit bureau must re investigate anything you challenge.
Right #3. The credit bureau must re investigate the disputed information within 30 days. The time period begins when the bureau receives notice of the dispute from the consumer. The only exception to t he 30-day rule: when the consumer sends the bureau additional material within the 30-day period. The bureau may extend the deadline a maximum of 15 days.
Right #4. If the credit bureau finds any error, it must promptly delete that erroneous information from its files.
Right #5. If the bureau cannot or does not confirm the information you have challenged within a reasonable time period, it also must delete that information from your files.
Right #6. If a creditor verifies the information and the bureau responds in a timely manner, the negative marks must remain on your record. But if you maintain that the information reported is in dispute, you have the right to submit a Consumer Statement of your view of the problem.
In other words, if you as a credit consumer dispute the accuracy of certain information in your report and receive no satisfaction from the bureau or the creditor, then the credit bureau is required by law to attach your explanation to every copy of the report it sends out. You may ask the credit bureau for assistance, but in that case the bureau can limit the statement to 100 words.
A) Most credit information stays on your report for seven years.
B) Information about criminal convictions may be reported without any time limitation.
C) Bankruptcy information may be reported for 10 years.
D) Information reported in response to an application for a job with a salary of more than $75,000 has no time limit.
E) Information reported because of an application for more than $150,000 worth of credit or life insurance has no time limit.
F) Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out
You've got rights on your side. As of September 30, 1997, the 30-day period for a credit bureau to respond is a matter of law. Know The Fair Credit Reporting Act, And Know Your Credit Rights!
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Disclosure: I am an independent Credit Repair Cloud™ Affiliate, not an employee. I receive referral payments from Credit Repair Cloud. The opinions expressed here are my own and are not official statements of Credit Repair Cloud.