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Fair Credit Reporting
Act
The
Fair Credit Reporting Act (FCRA) is a federal act
that deals specifically with credit bureau and
credit reporting agencies. Before the FCRA consumers
were left in the dark as to their credit status or
what was even listed on their credit report. We were
completely at the will of the credit bureaus with no
recourse to clear up errors or inaccurate
information.
As
consumer rights increase we are now able to obtain
or purchase a copy of our credit report and we are
now entitled to one free credit report per calendar
year. If you need more than one credit report per
year, the FCRA provides the fee structure for
obtaining additional reports.
A
report must be requested within sixty days when
denied credit or employment. The Act also provides
that if you should find incorrect information or
errors on your credit report, you can contact or
write the reporting agency. The credit bureaus then
have to investigate the item or items at no charge
to you. You must receive a response from them within
a thirty-day period. The information must be
corrected or deleted if it is wrong or incorrect.
Credit bureaus or agencies are required by law to
include on your credit report a record of all
inquiries that are soft, medium, and hard about you
received within the last six months. The credit
bureaus must also include anyone who has purchased a
credit for you within the last two months, for
employment purposes, and within the last year for
other reasons like credit you may have applied for.
Credit bureaus or agencies are not required to
disclose your credit scores or credit risk rating.
This is an internal evaluation within the credit
agency itself that makes the creditworthiness
decision for you, but it is furnished to your
employers and creditors. Some credit bureaus do
release this information but are not required to do
so by law.
We,
at Edityourcredit.com, use the FCRA in accordance
with applicable laws to check it carefully for
errors, out of date information, and items that may
be or are misleading. Errors are not at all uncommon
on credit reports, so please do not assume that all
information is correct without checking it out
completely.
It
has been found that 70% of all credit reports
contain errors, this is unacceptable by anyone’s
standards. By using the law, within the FCRA,
combined with our legal strategy and expert
knowledge we are able to have the creditors or
credit bureaus respond within a thirty-day period.
If
we do not hear back from the bureau, then a second
letter is generated. We then provide the bureau with
any information about the item and then the bureau
has an extra fifteen days to investigate and respond
for a total of forty-five days. The bureau then
decides whether to verify, update, or delete the
item off your credit report. If the item is still
being erroneously reported then we can file a
complaint with the Federal Trade Commission.
If
the report is corrected, the bureau must send an
updated copy of your credit report showing the end
result and corrections to anyone who has requested a
copy within the last year and to any employer who
has done so within the past two years. Within a few
months, your credit report should reflect your true
credit worthiness and correct information.
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