Credit Information


A Summary of the Fair Credit Reporting Act


This summary of the Fair Credit Reporting Act will explain what you can legally do if you want to repair your own credit report. No matter what you hear, you can dispute credit information on your credit report if you understand the legal rights you have under this law.

The Federal Fair Credit Reporting Act was enacted by the United States Congress in 1971. In summary, it says that the credit bureaus must investigate a consumer dispute if they want to challenge credit information on his or her credit report.

It also states that credit bureaus are required to complete the investigation within a 30 day period. If the credit bureau finds that the disputed information is inaccurate or cannot be verified, they must promptly delete that information.

But there are some cases when a consumer dispute can be ignored by the credit bureaus. If you challenge a negative credit listing on the basis of things like health problems, divorce or job loss, the credit bureaus are entitled to ignore those kinds of disputes. The information you dispute must be either old or incorrect.

You must file a valid dispute where the credit bureaus can contact the creditor and confirm that the new information you gave them is accurate and can be verified. If the credit bureau does not receive verification from the creditor within 30 days, the Fair Credit Reporting Act says the credit bureau must promptly delete that credit listing.

Even though the process sounds simple, the credit bureaus make it more difficult than you can imagine. The credit bureaus don't like the credit repair companies or anyone offering instruction on how to repair your own credit report. Why? Because it means more work for them.

The credit bureaus blast credit repair companies in the media and warn people against using credit repair services. The bureaus openly deny that any information can even be removed from your credit report.

It is reported that 79 percent of all credit reports contain some type of errors, and up to 25 percent of these errors could result in credit denials, hiked interest rates, and even lost employment opportunities.

If you have any amount of negative credit on your credit report it will cause the interest on all loans you apply for to be much higher. It will even become a barrier to your credit approval. That will cost you a fortune in unnecessary higher interest resulting in higher payments on anything you buy.

How you decide to address or dispute credit information is entirely up to you. But regardless of what you may hear in the news, thousands of people have restored their credit. You can choose to repair your own credit report or hire a professional service to do it for you.

The truth is you do not have to endure bad credit for seven to ten years if you want to challenge the accuracy of your credit report. This summary of the Fair Credit Reporting Act shows you it is possible for you to repair your own credit report and the sooner you start the better.

Copyright 2005 Credit Repair Facts.com All Rights Reserved.

This article is supplied by http://www.credit-repair-facts.com where you will find credit information, debt elimination programs and informative facts that give you the knowledge to correct your own credit and credit report. For more credit related articles like these go to: http://www.credit-repair-facts.com/articles_1.html


MORE RESOURCES:
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news


USA TODAY

New FICO system could lift credit scores by including checking and savings history
USA TODAY
You may soon earn a higher credit score if you balance your checkbook responsibly. FICO, the developer of the most widely used credit score, is rolling out a new score next year that considers how you manage your checking, savings and money market ...
FICO credit scores may jump, yet consumers should be waryCNBC
Here's How the New UltraFICO Credit Score Will WorkLifehacker Australia
New UltraFICO credit score will monitor how you manage your savings, checking and money-market accountsMarketWatch
The Seattle Times -Bankrate.com -Wall Street Journal -NerdWallet
all 103 news articles »


Harvard Business Review

The Art of Claiming Credit
Harvard Business Review
WOMAN3: He would often take credit, in small doses, but take credit for other people's work, or overhear someone say something and then at the meeting, where in front of the VP's, he would say that instead so that it seemed like his idea. And these ...



Stock-market investors are suffering from 'post traumatic volatility disorder', says Credit Suisse analyst
MarketWatch
Credit Suisse's Jonathan Golub says an upsurge in volatility may be feeding on itself, leading to further wobbles in a market that was on the verge of busting higher just weeks ago. In a research report distributed Monday called “U.S. Equity Strategy ...

and more »


Business Insider

A $100 million trade shows how Credit Suisse is competing in a cutthroat race to snag the biggest stock trades
Business Insider
Credit Suisse is amping up risk by offering bigger equity trades to clients. It's managing this risk through a new so-called central risk desk. One notable trade in Europe this year was above $100 million, which is very large for the Swiss bank ...

and more »


Business Insider

YouTube TV is giving subscribers a $10 credit because the service went down — but you have only until Wednesday to ...
Business Insider
YouTube went down for an hour last week. People who pay a monthly subscription for YouTube TV are being offered a free week of service or a $10 credit, depending on how they pay for the service. If you were affected, you have until the end of Wednesday ...
YouTube TV offers subscribers free week of service as an apology for the recent outageUSA TODAY
Google apologizes for YouTube TV outage, offers free week of creditThe Verge
YouTube TV outage: company apologizes and offers $10 credit for Apple's App Store9to5Mac
9to5Google -AppleInsider
all 18 news articles »


Yahoo Finance

Major revamp coming to credit scores
Yahoo Finance
Major revamp coming to credit scores. Yahoo Finance Video• October 22, 2018. Some big changes are coming to your credit score and cash will play a big role. Yahoo Finance's Alexis Christoforous and Ethan Wolff-Mann examine the details.



Wall Street Journal

Lenders Share Their Underwriting Secrets With Credit Karma
Wall Street Journal
With more than 80 million members across the U.S. and Canada, Credit Karma has relationships with many potential consumers that banks covet. It also has access to financial data about prospective customers that banks lack. For instance, a tax ...
Some big US lenders to share underwriting models with Credit KarmaSeeking Alpha
I have £25000 in credit card debt – can I get a mortgage?The Guardian

all 4 news articles »


CNBC

FICO's new credit scoring system to debut in early 2019
CNBC
Ted Rossman, Creditcards.com analyst, looks at FICO's new credit scoring system and if there are any benefits for consumers. FICO says 4 million customers may see a 20-point increase. Watch CNBC Live TV ...



CNBC

Higher postal fees will cost Amazon more than $1 billion in 2019, estimates Credit Suisse
CNBC
The proposed uptick in shipping and mailing fees at the U.S. Postal Service could cost Amazon more than $1 billion in 2019, according to Credit Suisse, which cut its near-term estimates for operating profit on the e-commerce behemoth. "As we roll ...
SEC FORM 4 - SEC.govSEC.gov
SEC FORM 4 - SEC.govSEC.gov

all 96 news articles »


KSN-TV

Credit card rates on the rise
KSN-TV
There are currently more credit card accounts in the United States than there are people, with the average American carrying 2.6 cards. Now, the cost of carrying those cards is going back up. "Right now, the national average credit card rate is about ...

and more »

Google News

home | site map
© 2007