FAIR CREDIT REPORTING ACT: FOR CONSUMERS
See www.ftc.gov/s/statutes.feradoc.pdf for the details of the Fair Credit Reporting Act (FRCA). This act is written, not for the credit reporting agencies, but for consumers.
You will learn that you have a right to see the information all credit reporting agencies have about you. All these credit agencies are in the business of making money and need to show a "profit." The FRCA explains what consumers are entitled to see and consumer rights.
Your credit reports will contain alot of information about your financial history. While much of the information is probably accurate, while some may be a surprise to you. In fact, the reports may have completely false or information that should have been removed.
The FTC (Federal Trade Commission) tells us that we do not need to arrange for "magic fix" from a possibly dishonest agency. We can fix our credit ourselves. The FRCA basically says that the only "negative" information that is permitted to remain on your credit report is negative information that can be proved to be true.
Get your credit reports, compare, mark any entries that you believe are false. If it's negative and true, it has to stay. Then you will make your case for why information is false.
You will then put together all your documentation for your claims that information is inaccurate. This data is your proof. Send to the credit bureau(s). They must respond and they must prove that the information is true.
It is possible that you may decide that this project is really not something you can successfully complete on your own. Then you may consider "credit counseling." Do this very cautiously. "Overnight" credit fix is too good to be true and these companies could ask for a lot of money "upfront" and charge a monthly fee. Although it might sound really good, remember that these agencies are also "for profit" and need to make money. Think SCAM.
You can be sure that there are honest companies and people who will provide help. Try finding referrals from others to help find a reputable person who will address your needs.
You will learn that you have a right to see the information all credit reporting agencies have about you. All these credit agencies are in the business of making money and need to show a "profit." The FRCA explains what consumers are entitled to see and consumer rights.
Your credit reports will contain alot of information about your financial history. While much of the information is probably accurate, while some may be a surprise to you. In fact, the reports may have completely false or information that should have been removed.
The FTC (Federal Trade Commission) tells us that we do not need to arrange for "magic fix" from a possibly dishonest agency. We can fix our credit ourselves. The FRCA basically says that the only "negative" information that is permitted to remain on your credit report is negative information that can be proved to be true.
Get your credit reports, compare, mark any entries that you believe are false. If it's negative and true, it has to stay. Then you will make your case for why information is false.
You will then put together all your documentation for your claims that information is inaccurate. This data is your proof. Send to the credit bureau(s). They must respond and they must prove that the information is true.
It is possible that you may decide that this project is really not something you can successfully complete on your own. Then you may consider "credit counseling." Do this very cautiously. "Overnight" credit fix is too good to be true and these companies could ask for a lot of money "upfront" and charge a monthly fee. Although it might sound really good, remember that these agencies are also "for profit" and need to make money. Think SCAM.
You can be sure that there are honest companies and people who will provide help. Try finding referrals from others to help find a reputable person who will address your needs.
About the Author:
With never before seen challenges in the credit markets it?s more important than ever to have excellent credit. For more information check out Rob Kosbergs' Detailed FREE Guide on Maintaining and Repairing your Credit Score by going to Bad Credit Repair for your FREE information.
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11:47 AM
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