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| Consumers Benefit from the FCRA |
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| Written by Rob Kosberg |
| Sunday, 11 January 2009 15:56 |
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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. The FCRA explains what we can see from the credit reporting agencies and our rights. We have a right to view the financial history which the credit bureaus have for us. Remember that these agencies are interested in money and are "for profit." 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 These reports may have outdated and completely false claims which can ruin your credit without you knowing it. 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. When you do the comparison and review of your reports, if negative information is true, "it has to stay." Mark the entries you plan to dispute. Then you will make a case for removal. 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 people who can probably give you referrals for honest companies or people who can assist you. People are available who are reputable and will take care of 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. Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
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