Consumers Benefit from the FCRA
The Fair Credit Reporting Act (FCRA) is written as a protection for the consumer and not the credit reporting agencies. Please see www.ftc.gov/s/statutes/fcradoc.pdf for details of this important act.
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.
According to the FTC (Federal Trade Commission) tells us that we can fix any problems with our credit reports ourselves without any help from a possibly disreputable company. According to the FCRA, the only "negative information" that can remain on your credit report is "negative information" that can be proven 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.
Document all data available to demonstrate that an entry is false and this is proof of an erroneous entry. You will send this to the credit bureaus. They must respond and it is their responsibility to prove all the information is true.
Only you can decide if you will be able to carry out this process on your own behalf. If not, you may consider "Credit Counseling." This also needs to be done very carefully. Avoid those agencies that promise to change your credit almost overnight. It's probably too good to be true. In addition, you may be asked to pay an "upfront" fee and monthly fee. These are also agencies that need to make money. They could be SCAMS.
There are some honest firms and individuals who will legitimately help. Try finding referrals from others to help you find reputable help who will handle your needs in a timely fashion.
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.
According to the FTC (Federal Trade Commission) tells us that we can fix any problems with our credit reports ourselves without any help from a possibly disreputable company. According to the FCRA, the only "negative information" that can remain on your credit report is "negative information" that can be proven 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.
Document all data available to demonstrate that an entry is false and this is proof of an erroneous entry. You will send this to the credit bureaus. They must respond and it is their responsibility to prove all the information is true.
Only you can decide if you will be able to carry out this process on your own behalf. If not, you may consider "Credit Counseling." This also needs to be done very carefully. Avoid those agencies that promise to change your credit almost overnight. It's probably too good to be true. In addition, you may be asked to pay an "upfront" fee and monthly fee. These are also agencies that need to make money. They could be SCAMS.
There are some honest firms and individuals who will legitimately help. Try finding referrals from others to help you find reputable help who will handle your needs in a timely fashion.
About the Author:
With unprecedented problems 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.
posted by Credit Counseling at
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