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Credit Repair Credit Repair

What Is Credit?

Your Rights: How the FCRA Helps You

So why should you care about the FCRA? Understanding and using the provisions of the FCRA is the basis of the credit repair process. With a clear understanding of the rules contained within the FCRA and how to use those rules to your advantage, you can remove almost any negative entry from your credit report. Though the intent of the FCRA is to allow you to remove outdated or inaccurate information from your credit report, it can also be used to remove negative items that are valid but that contain reporting errors. There are over 40 pieces of information that each of your entries should contain. If any piece of information is missing or inaccurate and is not updated in a timely or appropriate manner, then the entire entry must be removed! (Coincidentally, the Federal Trade Commission doesn't allow credit repair companies to state that valid negative entries can be removed using the FCRA. Good thing I'm not a credit repair company!)

Here is a brief description of your credit repair rights under the FCRA:

  • You have the right to review your credit file. Upon request, the credit reporting agencies are required to provide you with a copy of your credit report. You may receive one free credit report per year. Additional copies are available for a fee.
  • You have the right to receive your credit score. A credit score is a number used to rate your credit worthiness. For a nominal fee, you may obtain your current credit score from the credit reporting agencies.
  • You must be notified if information in your credit report is used to deny you credit, insurance, or employment. If you are denied, you may also, at no charge, request a copy of the credit report that served as the basis for denying you credit.
  • You have the right to dispute inaccurate or outdated information in your credit report, and the consumer reporting agencies are required to investigate those disputes.
  • Consumer reporting agencies must correct or delete inaccurate, incomplete, or un-verifiable information within 30 days.
  • Consumer reporting agencies cannot report negative information about you that is outdated—this means information that is more than seven years old, or a bankruptcy or tax lien that is more than ten years old.
  • Access to your credit file is restricted only to those who have a verifiable need, such as creditors, employers, and insurers.
  • Employers, or potential employers, are not allowed to review your credit report without your written approval.
  • You have the right to sue anyone who violates the FCRA.

But wait, there's more!

> The FACT Act