Learn About Credit Repair & Consumer Rights Under The FCRA
In 1970 Congress enacted a federal law to defend consumers from inaccuracies on their credit reports. This law is recognized as the Fair Credit Reporting Act or the FCRA and it was approved to defend consumers and support the fairness, accuracy and privacy of personal information compiled by credit reporting agencies on credit reports.
Credit reporting agencies are companies that are in the business of collecting, compiling and selling information on consumers for the goal of credit evaluation. The three major credit-reporting agencies are TransUnion, Equifax and Experian.
The Fair Credit Reporting Act allows a consumer to debate and challenge any information found on a credit report on the basis of completeness and accuracy. The credit bureaus have 30 to 45 days after a dispute to establish the ownership of the credit being reported. If they are incapable to verify the accounts it must be removed from the report.
The credit reporting agencies have a number of other responsibilities under the FCRA, which include providing a credit report to the consumer. Prior to 2003 the consumer was required to pay for this report but an amendment in 2003 has given consumers the right to receive one free credit report from each of the main credit reporting agencies one time per year. All the consumer has to do is ask for it. If credit is denied on the foundation of what is contained in a report, the bureau with the dubious information must also provide a report.
A consumer has the right to question any information on his or her report. As per the FCRA if information is deleted as a result of the consumer's dispute the credit reporting agency cannot reinstate the negative information without notifying the consumer in writing.
The FCRA also limits the amount of time that negative information can be retained on the report. Usually most must be removed within 7 years from the time of delinquency but bankruptcies can stay on for 10 years and tax liens can stay on for 7 years after they are paid off.
The credit reporting agencies receive many disputes and it has been estimated that as many as 40% of disputed information is not verified within the time limit and must be removed from the report. Consumers can use that fact for their advantage however; true and correct information should always remain on the report even if it is unhelpful.
Credit repair on credit reports can be accomplished due to the rights given by the FCRA. The consumer can do credit repair themselves or there are also professional companies that specialize in credit repair. It takes time and patience to be successful at credit repair but it can be accomplished.
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Comments on Learn About Credit Repair & Consumer Rights Under The FCRA
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Arizona has no immigration laws of its own, (that conflict with federal law,) all it is it make federal immigration law state law. So not only have you violated federal law, you have also violated state law. State law enforcement officers in AZ can only do what INS officers are aloud to do under current federal law. It doesn't conflict with federal law, it is federal law being enforced on the state level. At any time if the federal gov't changes its immigration laws, AZ's laws will automatically change with it. AZ law can only be unconstitutional if the federal immigration laws are unconstitutional, because they are the same law. (The only reason there hasn't been outrage before about the federal law is because it was hardly enforced, now that someone is actually going to enforce it, everybody is up in arms…)
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I'm a bit amazed at the number of retired military I've run across since this story broke that are not aware that they are entitled to a free credit report annually from Experian, TransUnion, and Equifax … one of the few good things our Congress legislated two years ago and effective last year.
They also are not aware that you can put a 90 day fraud alert on your accounts simply by calling one of those three credit reporting agencies … and the one you call is responsible for notifying the other two. Putting a fraud alert on your account costs nothing and gets you another free copy of all three credit reports.
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Another word on Trade Credit… Finally the day comes when that long sought after prospect hands you an order. In these cash tight times you need to understand if this is the result of your persistence or the prospect's lack of cash. A company who is unable to pay their current vendors will often seek 2nd sources. Yes, they are fighting to survive, but is it wise for you to become their next unsecured lender?
It may be in your best interest to run a credit report. One credit reporting agency, D&B, provides a PAYDEX and Payment Summary report which is fairly easy to understand.
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Equifax — the credit monitoring corp — just sent me the following email. Thought it might interest you:
"The Latest on Today's Housing Market
Over the last several years, we've all heard the news reports of a consistent downward turn in the housing market. But is there a possibility that the market is beginning to look up? Several national studies show that real-estate values have increased this quarter over the first quarter of 2009 (Standard & Poor's S&P/Case-Shiller U.S. National Home Price index). Find out what this trend means for potential homebuyers and existing homeowners!
In August, the National Association of Realtors reported that the sales volume of existing homes had gone up 7.2% from the previous month. This month has also seen positive reports on home prices and affordability. Plus, with the sales of new homes hitting their highest level since last year at this time, it could certainly seem like the housing market is beginning to recover.
A number of factors could be contributing to the improvement, including low mortgage rates, large price reduction in homes, the stimulus benefits (including the first-time homebuyer tax credit), and more. Additionally, there seems to be widespread recognition that home prices cannot continue falling forever, causing people to buy before the reduced-price window is closed.
Some people are cautiously optimistic. While the Housing Market Index — a measure of builder confidence according to the National Association of Homebuilders and Wells Fargo — is the highest it's been in a year, it only weighs in at a meager 18. Anything below a 50 is considered to be poor building conditions. Similarly, Robert Shiller, one of the primary authors of the Case-Shiller study, suggests that only time will tell if this improvement will last; a similar improvement was seen at the beginning of 2008 that was little more than a short-lived burst before market rates continued declining.
Most signs, however, certainly point to an imminent improvement in the housing market. If you're considering purchasing a house while you can take advantage of great deals, there are still some things to consider:
Make sure your credit is in order. Early in your house hunting, you should know what credit history lenders are going to see about you, as well as how they will evaluate you. Lenders will typically look at your credit history as reflected on your credit report from all three major credit reporting agencies — along with your credit score — as part of the process of determining your creditworthiness. So, order your credit report and credit score early to check for any inaccuracies and understand your ability to negotiate with lenders.
Don't purchase if you're not ready to stay put for a while. While the market may be improving, it's going to be some time before it's a seller's market again. So don't purchase a house if you think you may change your mind and want to sell it in the short-term. Plus, with all of the costs required in buying a house, you may actually lose money if you attempt to sell yours too soon.
Choose a house within your budget. Establish your budget before you go house hunting in order to avoid falling in love with properties outside of your price range. A good affordability rule of thumb suggests you can manage to purchase a house that costs roughly 2.5 times your annual salary. Don't forget to factor in additional expenses such as repairs and property taxes!
While no one can say for sure that these changes will continue, it's certainly a good time to be a homebuyer."
There was an incident in Oakland, California about fifteen years ago, where police arrested a couple of women systematically using stolen credit cards. Trying to play the informer role to get themselves some consideration, they said they were part of a well organized ring and gave the address of the kingpin. The address was real, they had a passing acquaintance with the resident, who had nothing to do with their criminal activity. He had a good job, owned his own home. The police surrounded the home in the early hours of the morning. The man's dog barked, the police shot it. The man leaned out his window, with a rifle he was legally entitled to possess in his home, to see who was shooting at his dog. The police shot and killed him.
Police do run considerable risk, but they are far too quick to act on dubious "information," viewing all manner of law abiding citizens as "dangerous criminals." Although entitled to a presumption of innocence, once shot to death, this presumption does the innocent little good. Police should be more restrained in their assumptions, without any of us expecting them to walk up to an armed hideout to serve a search warrant.
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