Credit Repair

Credit Repair laws

Credit Repair: Fair Credit Reporting Act

So what sets the rules for credit repair and gives us the right to do it? The Fair Credit Reporting Act which you can see by clicking the link earlier in this sentence. That’s great, but what does all that say? Boiled down to layman-ese here are the key points:

-You have the right to challenge your credit report for discrepancies at any time.

-The credit bureaus are required to reinvestigate anything you dispute, and they have to do it for free.

-The credit bureaus have to reinvestigate items within a"reasonable amount of time" (30 days), unless they notify you otherwise.

-If the credit bureau finds an error in the item you contest, they must either delete or correct that information immediately.

-If the credit bureaus can’t or don’t confirm the contested item within 30 days, they have to delete that information from your report

-Even if an item is verified to be absolutely correct, the credit bureau is required to attach your explanation to the item in order to tell your side of the story. It does have to be 100 words or less though, which can be tough sometimes.

Credit Repair: Know your tools – all of them

Those are the high points, but like any other tool you must be familiar with it to wield it to maximum effect. Read the actual text of the Fair Credit Reporting Act until you are comfortable with it. Then read it some more. Research it other places and see if they can add anything that’s not here. It’s okay, I’m not jealous of you getting your Fair Credit Reporting Act information other place. It’s all about the love.

But wait, you have more than just the FCRA to help you, the The Fair Debt Collection Practices Act may apply to your circumstances too!