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.
As you have previously learned, there is a variety of information on your credit reports. Some of this information is accurate while some may be inaccurate. These reports may have outdated and completely false claims which can ruin your credit without you knowing it.
In a nutshell, the FCRA says that the only "negative information" that can remain on your credit reports is only that which can be proved as true. This is the reason the FTC (Federal Trade Commission) says that we can fix our credit ourselves and don't need to seek an "overnight credit fix" from some less than reputable agency.
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.
All of your data regarding inaccurate information will need to be documented and provide your proof of an error. This will be sent to the Credit Bureaus who must respond. It will be up to them to prove all information is true.
If you feel that this process is definitely something that you cannot complete yourself, you might be considering "credit counseling." Please Beware of companies that advertise ability to change your credit score almost overnight. If it sounds too good, it's probably true. Also, you may be required to pay a high "up front" fee and a monthly fee. Remember, these agencies are also businesses that need to make money. These 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.
As you have previously learned, there is a variety of information on your credit reports. Some of this information is accurate while some may be inaccurate. These reports may have outdated and completely false claims which can ruin your credit without you knowing it.
In a nutshell, the FCRA says that the only "negative information" that can remain on your credit reports is only that which can be proved as true. This is the reason the FTC (Federal Trade Commission) says that we can fix our credit ourselves and don't need to seek an "overnight credit fix" from some less than reputable agency.
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.
All of your data regarding inaccurate information will need to be documented and provide your proof of an error. This will be sent to the Credit Bureaus who must respond. It will be up to them to prove all information is true.
If you feel that this process is definitely something that you cannot complete yourself, you might be considering "credit counseling." Please Beware of companies that advertise ability to change your credit score almost overnight. If it sounds too good, it's probably true. Also, you may be required to pay a high "up front" fee and a monthly fee. Remember, these agencies are also businesses that need to make money. These 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 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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