Credit report and fair Credit Act

Saturday, December 13, 2008

Negative or adverse credit report always place us in our back foot. It creates different problems in getting fresh credit. So to protect the interest of the people the government has taken some legal steps. The Fair Credit Reporting Act favors the borrower in different ways. According to this act, the disputed elements from your credit report will be removed if the credit bureaus fail to verify it. According to this act you also have the right to update and amend the information mentioned in the credit report and if necessary you can place your side. Law is there, you have to utilize them. Always remember, the credit bureaus are not friends, so if you have dispute draw there notice and if possible take legal action.
To enforce the right of a borrower, there are six basic rights provided to him. The very first right says that you can challenge to any fact provided I the credit report which you think wrong. Secondly, it is the responsibility of the credit bureaus to investigate the matter without charging anything from you. Thirdly, the investigation of the credit bureau on any disputed matter must be concluded within a time frame of 30 days. Fourthly, it is the responsibility of the credit bureaus that if any item found untrue, it must delete it from your credit report. Fifthly, as a credit consumer you have the right to present your consumer statement containing your view regarding the problems and it is the responsibility of the credit bureaus to include your explanation in your credit report.

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