Credit Repair And Your Rights

Credit Repair And Your Rights

Credit Repair And Your Rights

The Fair Credit Reporting Act (FCRA) and Fair And Accurate Credit Transaction Act grants you the following rights:1. To know the name and address of the credit-reporting agency that prepared the credit profile which was used by the lender to deny you credit; or any other individual or group that uses the info against you, such as an employer or insurance company.2. To receive information on the nature, substance, and the sources of information collected about you.3. To have anyone of your choice accompany you when visiting the office of the credit-reporting agency.4. To know whom has received a report on you in the past six months, or within the preceding two years, if the report was pulled for employment purposes.5. To find out all information held on you, free of charge, in the event you have been denied credit in the past 30 days, are on welfare, or are unemployed and plan on seeking employment within 60 days.6. To dispute inaccurate information, and to have information that you dispute re investigated and corrected or removed if inaccurate, incomplete, or unverified within 30 days; and to review written notice of the results of the investigation.7. To have information that is outdated removed from your report. This includes adverse information over 7 years old and bankruptcies over 10 years.8. To keep items that have been removed from your credit report off the report permanently unless the creditor verifies its accuracy and completeness, and the agency provides you with a written notice that includes the name, address and phone number of the source of verification.9. To place a statement in the credit reporting agency's files if you continue to dispute the accuracy of any items after a reinvestigation, and have the credit-reporting agency send your side of the dispute to your potential credit grantors.10.To have an updated report sent to those credit grantors who have received a report pertaining to you within the last six months.11.To sue a credit agency or any other party in federal court if the party willfully or negligently violates the law to recover damages resulting from their actions.12.To have a credit report kept from anyone who, under the law, does not have a legitimate business need to receive that important information; or who have been specifically given your authorization and consent.13.To be notified about a business that ordered an investigative report or the equivalent of an investigative report. You have the right to send a written request for information about the nature and extent of the investigation. An investigative report, or investigative consumer report, is where a credit bureau interviews people such as friends, neighbors, employers, etc., about you.14.To discover the nature and substance (but not the source) of the information that was collected for an investigative consumer report.15.To have all of the information that is in your file. Interestingly, you are not entitled to know about risk or credit scorethe three digit number which is compiled based on the algorithm created by Fair, Isaacs & Company. The scores are now widely available to the public, but always for a fee.16.To be removed from all marketing lists such as unsolicited credit card lists and offers for insurance.The Fair Credit Reporting Act also protects your privacy. It's a federal offense to access credit reports other than for the purpose of judging whether someone is credit worthy. Only people with a permissible purpose may have access to your credit report. This includes anyone you give permission to in writing, but without specific permission, the following people can access your report: As permitted by order of court or a federal grand jury subpoena. To review an existing account, to determine whether the consumer still meets the terms of the account. To determine eligibility for a license or other benefit granted by the government in which financial responsibility is a requirement For use by state and local officials in connection with the determination, modification or enforcement of child support payments. A potential creditor or insurer can receive limited information for the purpose of soliciting you for a new offer. This information is limited to whether you have credit scores within a certain range, have a home mortgage loan or auto loan, and your name and address.As a consumer protected under the Federal Fair Credit Reporting Act, you have the right to challenge or sue any credit-reporting agency in the same manner that you could bring suit against any other business.If a credit bureau violates the rules regarding:(1) Who may have access to your credit records, or(2) Fails to correct errors in your credit file even after they have been made aware of them, you are entitled to actual damages and punitive damages, as the courtmay allow, if the violation is proved to have been intentional. If you are successful, you will be awarded court costs and attorney's fees. Further, note that an unauthorized person who secures a credit report or employee of a credit reporting agency who supplies a credit report to any unauthorized person, may be fined $5,000 or imprisoned for one year, or both!There was a new law passed in December 2003 that adds to the provisions of the Fair Credit Reporting Act, called the Fair and Accurate Credit Transactions Act (FACTA). Among the new benefits, there is a national credit fraud alert system that was put into place in December 2004, where consumers are now able to go investigate when they suspect they have been victims of credit fraud.The most notable provision of FACTA allows consumers to have one free credit report in each 12 month period. The Federal Trade Commssion requires the credit reporting agencies to make the free credit report process simple, uncluttered with advertisements and as minimally intrusive as possible. Also, the agencies are allowed to collect only as much personal identity information as necessary to process your request.Identity theft, while still a big problem, has an easier solution with this act. In the past before these acts, consumers would undergo a tremendous effort to remove the evidence of the credit fraud from their reports. FACTA requires that the credit bureau and reporting agency to stop reporting allegedly fraudulent information when the consumer shows they have been a victim of identity theft. However what is still in question is what a person has to do exactly to prove they were a victim.

POST COMMENT

Just What Is A Free Registry Cleanup? Repairing Your Credit With Consolidation debt Windows 7 blue Screen error - How To Fix This Error On Your Computer How to Buy Car For Bad Credit Repairs Importance of a Registry Cleaner Credit Repair Software is Best way to repair Your Credit How you can Effectively Use Hotmail and Windows Live Messenger Locating Excellent Pc Repair in Las Vegas Podnutz Laptop Repair Videos-Laptop Repair Videos Growing Demands on Pc Repair Houston Avoid Structural Damage with Roofing Repair Services Gym Equipment Repair: The NordicTrack Commercial VR Bike Overview Install The Best Dallas Windows Available In Your Homes