There are many companies working for the basic rights of customers in all fields and so in Credit Repair as well
. The main company that is about the rights is Fair Credit Reporting Act (FRCA). This has got some basic privileges for every one that allows you to have a satisfactory credit report. Some of these are as follows
1.It compels every company to issue a free credit report once in 12 months. For some people like students it is not convenient to have a regular record of their credit score. By providing this credit report they are able to have a view in their credibility. So you are directed not to ask for report via any other way or otherwise youll end up in charging for a credit report that you have the right to have for free.
2.It is also very compulsory for every company to pass a credit report to the customer if they take some serious act about the bad credit score, like rejection of a debt or an application for home mortgage. Sometimes, it may happen that after many rejections the customer is unable to find a reason for this. By providing a credit report they will be aware of their negative entries and would try to have a credit repair services as soon as possible. This credit report is issued without any cost.
3.This act also says that it is illegal for any Credit Repair company to ask for an amount before the required work is done. This is methodology of some companies that they will charge you a heavy amount of money without conferring or providing a satisfactory result.
4.Another advantage provided by this act is regarding the claiming of all the negative objects on your report and specially those who are really negative. Every bureau is compelled to verify all such disputes and to cost nothing from the customer if the disputed object comes out to be true. These bureaus should give frees services for correcting or upgrading your credit report removing all the disputed objects. This is a method used by most companies for credit repair.
5.These rules also state that asking for another copy within 12 months can cost you up to 10 dollars and also a negative influence on your credit score.
There are also similar rules devised by federal trade commission (FTC) regarding the credit repair companies and services that work in the benefit of customer.