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The Fair Credit Reporting Act (FCRA) regulates collection, publication, circulation, and use of consumer credit information. Originally passed in 1970, the Fair Credit Reporting Act is enforced by the Federal Trade Commission (FTC) and works in conjunction with the Fair Debt Collection Practices Act. The federal Fair Credit Reporting Act was created by Congress, so that credit bureaus could provide complete and accurate information when requested by companies.
The FCRA contains several amendments that have been added since 1970. A 2003 amendment requires the credit bureaus to allow everyone to access free copies of their credit reports once a year. As well as providing additional rights to active duty military personnel, the FCRA now provides additional protection to victims of identity theft. This includes the ability to place a fraud alert on the victim's credit files and the right to obtain documentation on all fraudulent accounts and transactions. Identity theft victims can also have credit reporting agencies block negative information that resulted from fraudulent activities.
At Best Legal Credit Repair, we observe the FCRA summary of rights. We understand that you as a consumer are entitled to fair credit reporting. Those seemingly small errors and inaccuracies on your credit report could have a major impact on your credit score. That low score could prevent you from taking out a loan, getting a job, or establishing a line of credit. Best Legal Credit Repair could dispute all those errors with your credit bureaus.
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Credit reporting agencies are known for making several FCRA violations. It's important to keep them in mind to prevent your credit score from suffering for all the wrong reasons. The federal government has jurisdiction over the Fair Credit Act, so if you encounter any FCRA violations, please file your claims as soon as possible at any U.S. District Court.
The most basic of FCRA violations would be if your name is spelled incorrectly, the addresses are incorrect, the social security number isn't yours, or if someone else's name is on your credit report. Under the FCRA, the credit reporting agencies are responsible for correcting all discrepancies. If information is inaccurate, it needs to be deleted or changed within 30 days. However, the agency is permitted to report the information if it's verified as accurate.
The FCRA dictates how long bad debts may be published on your credit reports. Normally, those debts are required to be deleted after 7 years. If a bankruptcy is over 10 years old, that's required to be deleted as well. Keep an eye out for re-aged accounts. Many times tradelines (lines of credit) will list the wrong DOLA (Date of Last Activity), so that it could be included on your credit report longer than necessary. This is a clear FCRA violation. As far as medical debt tradelines go, they aren't allowed to list the name of the institution where the medical care was received. Sometimes non-validated tradelines are mistakenly included. If you mailed a debt validation letter and the debt hasn't been validated after 30 days, the tradeline shouldn't be on your credit report.
Under the FCRA, anyone who uses your credit report to deny your application for credit, insurance, or employment must tell you the reason. Furthermore, you must be given the name, address, and phone number of the credit reporting agency that provided the information.
The FCRA gives you the right to obtain your credit score, though (unlike with credit reports) you must pay a fee. In some mortgage transactions, you can receive free credit score information from the mortgage lender.
Finally, credit reporting agencies may only provide access to your credit information if there's a valid need. Before they obtain access to that information, you must give your written consent to let the credit reports be viewed.
At Best Legal Credit Repair, we could help further educate you on FCRA violations. We are experts at repairing bad credit. We understand that you have rights as a consumer to obtain updated and accurate information on your credit report. That's why we dispute all those errors and inaccuracies. In a matter of 4-6 months, your credit report could be error-free and you'll be well on your way to increasing your credit score. Call us toll-free at 1-800-455-9416 or fill out our online form to sign up today!