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Fair Credit Reporting Act (FCRA)
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Credit Repair: Do It Yourself Credit Repair May Be Your Best Solution
(Page 2 of 8)
The Truth About Your Credit Report
No one can legally remove
accurate and timely negative information
from a credit report. The law allows you
to ask for an investigation of information
in your credit report file that you dispute as inaccurate
or incomplete. There is no charge for this.
Everything a credit repair company can do
for you legally, you can do for yourself
at little or no cost. According to the
Fair Credit Reporting Act (FCRA):
- You’re entitled to a free credit report
if a company takes adverse action against
you, like denying your application for
credit, insurance, or employment, and
you 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 credit reporting
company. You’re also entitled to
one free credit 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 credit reporting
companies – Equifax, Experian, and
TransUnion – is required to provide
you with a free copy of your credit report,
at your request, once every 12 months.
The credit reporting companies are rolling this out across
the country during a nine-month period.
By September 2005, consumers from coast
to coast will have access to a free annual
credit report if they ask for it. For
details, see
Your Access to Free Credit Reports at ftc.gov/credit.
Otherwise, a consumer credit reporting company
may charge you up to $9.50 for another
copy of your credit report within a 12-month
period.
- You can dispute mistakes or outdated
items in your credit report for free. Under the FCRA, both the
consumer credit reporting company and the information
provider (that is, the person, company,
or organization that provides information
about you to a consumer credit reporting company)
are responsible for correcting inaccurate
or incomplete information in your credit report.
To take advantage of all your rights under
this law, contact the consumer credit reporting
company and the information provider.
Next: STEP One: What to Tell The Consumer Credit Reporting Company... -->
Click Here  The Attorney's Guide to Credit Repair"
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