Just What Is The FCRA? – Could It Help Your Own Credit Ranking?
If you didn't know the FCRA or the Fair Credit Reporting Act is a Federal law that was originally enacted by Congress in 1970 to support the fairness, correctness and the discretion of personal information compiled on credit reports by credit reporting agencies. It has often been amended to further protect consumers and the last amendment took place in December of 2003.
Credit reporting agencies are companies that are in the industry of collecting, compiling and selling information on consumers for the objective of credit evaluation. The three major credit-reporting agencies are TransUnion, Equifax and Experian.
A consumer now has the right to dispute and challenge any information found on a credit report on the foundation of completeness and truth. After a dispute is received the credit bureaus have 30 to 45 days to verify the accuracy and the ownership of the disputed credit. If they are not capable to supply that confirmation within the time frame then the negative listing must be deleted from the report.
The FCRA has also set other responsibilities to the credit reporting agencies. Each year the credit bureaus must supply a free credit report to any consumer who desires one. Prior to 2003 the consumer had to pay for this report but a 2003 amendment changed this and now they must provide one report each year at no expense to the consumer. If credit is denied on the basis of information provided in the report the bureau with the negative reporting must also provide a report upon demand.
Oftentimes when a negative mark is disputed it is removed from the account. Under the FCRA the disputed information cannot be reinstated without the credit bureau contacting the consumer in writing.
Because of the FCRA there is also now a limit as to how long the damaging information can stay on a report. Most often it is 7 years from the time of a delinquency but the exclusion is a bankruptcy, which can hang about for 10 years and a tax lien that can continue for 7 years from the time of payoff.
It has been projected that as many as 40% of all dubious information is not properly verified within the time limit. A consumer can use that fact for their advantage. However, be aware that true and accurate information should not be disputed, as factual and correct information should remain on the report even if it is harmful.
It's also correct that the FCRA protects consumers and gives them the right to do whatever is needed to repair negative and inaccurate credit. Consumers can manage credit repair on their own or they can also appoint a specialist that specializes in credit repair. Either way a consumer with credit inaccuracies should take the time to repair his or her credit since they have the right to do so.
There are various of credit repair credit cards there for people that have less than suitable credit scores.
Tags: Either way, credit reporting agencies, negative mark, personal information, credit bureau, inaccurate credit, businessFiled under Bad Credit by 
Comments on Just What Is The FCRA? – Could It Help Your Own Credit Ranking?
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Sounds like it's a pretty clear case? of discrimination?
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A.C.,
I have access to a $5000 line of credit without credit check. It reports to all three credit bureaus, and you only have to use $195 of it, which is only a 4% credit limit utilization. It is reported as a very low utilization which helps your credit, and will immediately report as a positive, then, over time, payment history will also be reported. It works great.
Blair
His apology to Casey was? even worse than John Campbell's apology to Ken Ring. What a dumbarse, lol.
*Hadley*…. Casey was "Charged" with Fraud. There was significant, accurate Evidence to support the Charge. She, nor no one else, could Deny it. It was either take the Plea, or go before a Jury. Either way, she would be found Guilty. Either way, the Public (including Jurors for the Criminal Trial) would be aware of it. Either way, the same result (being "Frowned-upon") would occur.
Stick to trying to exempt yourselves from obeying Federal law with your boys down in Tennessee. We got Wisconsin covered.
)
Guess what kids? You can make all those crabby smug annoying Bank People quake in their Italian leather boots. There is a little something called the Fair Credit Reporting Act.
There is also another statute called the Consumer Credit Protection Act. You may have grounds to sue under both. Of course you will not actually have to sue; a stern threatening letter will do nicely. Banks live in fear of these suits–trust me, they will fix the error. They may also want to kiss your bum. If they do not respond appropriately, call your congressional rep and complain–the sub prime housing fiasco is all the buzz now, and everyone is eager to look like they are "doing something" for the little guy.
An interesting presentation, but I find it ironic that media companies would locate their operations in either the Dubai Media City or the Abu Dhabi Media Park given the UAE's draconian laws regarding any form of negative reporting by the media about the actual goings on in the UAE. They make China's censership laws seem positively benign in comparison.
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Come on Elogam, this is not like the Sen. Reid remark. Light-skinned and no Negro dialect is descriptive. Yes, it was a poor choice of words, but what the Lt. Gov. said was insulting and insensitive. I too think the system needs to be overhauled, and there should be a time limit on assistance, but to compare needy people to stray animals is beyond the pale.
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Can I sue for inaccurate credit information?
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What makes it worse is with the partisan sites, no matter how dubious the information or how obvious or outrages the error or lie, the supporters of these people and/or entities respond to any criticism or complaint as if it is war for their very existence, i.e.; the discussions here on Pat Robertson, Ann Coulter and the ilk. (I can't say the Randi Rhodes thing has yet risen to that extreme, but I have no doubt there are examples on the left, particularly when it is a high emotion topic). I do not see how thoughtful debate and discussion can take place when critical thought and examination is overshadowed by the demand to be loyal to an ideology. Sometimes I wonder if forensics (using the classical definition) should be a requirement at the junior high and high school level.]]>
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