Credit Repair Law

With the increasing difficulty for getting credit when you have an adverse or poor credit score, it is vital that the information held on file by the Credit Bureaus and Credit Agencies is both accurate and current. That is why so many people are looking at repairing their credit history and looking for bad credit help.

Before we look into Credit Repair Law and your legal rights as an individual, it is absolutely paramount that you understand and digest the following statement – “No one can legally remove accurate and timely negative information from a credit report”. Lets us dispense with companies and claims which tell you otherwise. The internet is packed full of companies which tell you that it can be done. To avoid being caught out read our guide to Credit Repair Agencies.

So what can be done?

You can erase incorrect or outdated information easily and legally. The law allows you to ask for an investigation of information in your credit file that you dispute as inaccurate or incomplete or expired. This is a free service and there is no charge for it. As intimated previously some people hire a company to investigate on their behalf, but remember, anything a credit repair clinic can do legally, you can do for yourself at little or no cost.

So where does the land lie with reference Credit Repair and the Law? According to the Fair Credit Reporting Act (FCRA):

• You’re entitled to a free report if a company takes “adverse action” against you, like denying your application for credit, insurance, or employment. You have to ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft.

• Each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — is required to provide you with a free copy of your credit report once every 12 months, if you ask for it.

The three companies have a mailing address for consumers to order the free annual credit reports the government entitles them to.

Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281

You may order reports from each of the three consumer reporting companies at the same time, or you can stagger your requests, ordering one from each company throughout the year from the central address.

Remember, it doesn’t cost anything to dispute errors or outdated items on your credit report. Under the FCRA, both the consumer reporting company and the information provider (the creditor) are wholly responsible for correcting inaccurate or incomplete information in your report. If it is wrong it can be corrected and will improve your credit score.

Credit Repair Law – What are your rights? is a post from: Credit Repair Help