Posted on Monday, 18th January 2010 by admin
Fortunately for today’s consumer, decades ago Congress realized the credit reporting system needed an overhaul. The practices of the credit bureaus and the creditors using the reports they provided were appalling. American consumers were being taken advantage of by a system they had no way of influencing and no way of keeping in check.
To counter this, Congress passed the Fair Credit Reporting Act which with its subsequent revisions has become the cornerstone of your consumer credit rights. It is because of this legislation that you have the right to see what is being reported on your credit files and to dispute any inaccurate negative items they contain.
In addition to the Fair Credit Reporting Act, there are a few other consumer protection acts that give you certain rights when you are working with the creditors and collections agencies who provide information to the credit reporting agencies. By being aware of and making use of their rights under each of these statutes, consumers have been able to successfully fix their credit reports.
Fair Credit Reporting Act
The Fair Credit Reporting Act is what got credit repair started. Because of this act, you have the right to see your credit reports and to dispute bad credit directly with the credit reporting agencies.
Fair Debt Collection Practices Act
Along with protecting your against inappropriate actions from collectors such as contacting you in the middle of the night, screaming at you, using vulgar language, lying about their identity, or using physical violence while trying to collect a debt, the Fair Debt Collections Practices Act gives you powerful debt validation tools that give you the right to challenge any debt.
Fair Credit Billing Act
Similar to how the Fair Debt Collection Practices Act governs collections agencies, the Fair Credit Billing Act affords you the right to dispute questionable negative credit directly with your original creditors in an effort to get them to modify the way they are reporting your account to the credit reporting agencies.
Credit Repair Organizations Act
With all the laws surrounding credit report repair,credit reporting, it can be overwhelming for a newcomer trying to repair their credit score. Fortunately, there are credit repair companies who help consumers work towards a fair and accurate credit score. These credit repair companies are regulated by the Credit Repair Organizations Act which helps prevent consumers from being sucked in by a credit repair scam.
Similar Posts:
- Is It Possible to Clean Collection Accounts from Your Credit Report?
- Accurate Credit Reporting Relies on Consumer Action
- Is It Worth the Effort to Fix Your Own Credit Reports?
- Credit Bureaus: Fact and Fiction
- 623 letter to dispute credit record with original creditor
Tags: Credit, Credit Possible
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