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Know the Law and Your Rights when doing Credit Repair. - Sunday, January 16, 2011

Credit repair can seem overwhelming, however it is not rocket science. Putting all the pieces together and then disputing errors on your credit report would be almost impossible if there were not some laws in place to protect you and your rights. Knowing these laws can help you to dispute and remove inaccurate, incomplete, outdated and unverifable information in your credit file. One of the most important of these laws is The Fair Credit Reporting Act.

The Fair Credit Reporting Act

The FCRA is a United States federal law that was originally passed in 1970 and is enforced by the US Federal Trade Commission. The FCRA was written, among other things too regulate the collection, dissemination, and use of consumer information, including consumer credit information by the Credit Reporting Agencies ( CRA's) and provided by Information furnishers ( usually Lenders).The FCRA spells out responsibilites for the CRA's, Information furnishers and the Users of that information that deal directly with your credit report and credit dispute rights. It is important to you for many reasons including because it is designed to protect your rights regarding what can and can not be included on your credit report. Items deemed as inaccurate, incomplete, outdated and unverifable must be removed from your credit file.

You have the right to dispute any errors directly with the Credit Reporting Agencies ( Equifax, Experian and TransUnion or any of the "nationwide specialty consumer reporting agencies" such as insurance, medical , employment etc...), and / or with the company that reported information (an information furnisher) to the CRA.

In 2003 an amendment to the FCRA was added that lets you request your annual credit report every year by phone, mail or through ( the government-authorized website). The Federal Trade Commission states that-  " is the ONLY authorized source for the free annual credit report that's yours by law. The Fair Credit Reporting Act guarantees you access to your credit report for free from each of the three nationwide credit reporting companies — Experian, Equifax, and TransUnion — every 12 months."

While the FCRA is the Federal law regarding your credit reporting rights, there may be additional state laws that apply as well.

There are other laws that relate to your consumer credit and debt rights that will be included in future postings. Some of these are The Fair Credit Billing Act, The Fair Debt Collection Practices Act  and The Credit Repair Organizations Act.

  *Please note that while you are entitled to a free report annually ( and possibly additional reports under special circumstances) you will have to pay in order to get a copy of your credit scores even through


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