A Summary of the Fair Credit Reporting Act
This summary of the Fair Credit Reporting Act will explain what you can legally do if you want to repair your own credit report. No matter what you hear, you can dispute credit information on your credit report if you understand the legal rights you have under this law. The Federal Fair Credit Reporting Act was enacted by the United States Congress in 1971. In summary, it says that the credit bureaus must investigate a consumer dispute if they want to challenge credit information on his or her credit report. It also states that credit bureaus are required to complete the investigation within a 30 day period.
If the credit bureau finds that the disputed information is inaccurate or cannot be verified, they must promptly delete that information. But there are some cases when a consumer dispute can be ignored by the credit bureaus. If you challenge a negative credit listing on the basis of things like health problems, divorce or job loss, the credit bureaus are entitled to ignore those kinds of disputes. The information you dispute must be either old or incorrect. You must file a valid dispute where the credit bureaus can contact the creditor and confirm that the new information you gave them is accurate and can be verified.
If the credit bureau does not receive verification from the creditor within 30 days, the Fair Credit Reporting Act says the credit bureau must promptly delete that credit listing.
Even though the process sounds simple, the credit bureaus make it more difficult than you can imagine. The credit bureaus don't like the credit repair companies or anyone offering instruction on how to repair your own credit report. Why? Because it means more work for them. The credit bureaus blast credit repair companies in the media and warn people against using credit repair services.
The bureaus openly deny that any information can even be removed from your credit report. It is reported that 79 percent of all credit reports contain some type of errors, and up to 25 percent of these errors could result in credit denials, hiked interest rates, and even lost employment opportunities. If you have any amount of negative credit on your credit report it will cause the interest on all loans you apply for to be much higher. It will even become a barrier to your credit approval. That will cost you a fortune in unnecessary higher interest resulting in higher payments on anything you buy.
How you decide to address or dispute credit information is entirely up to you. But regardless of what you may hear in the news, thousands of people have restored their credit. You can choose to repair your own credit report or hire a professional service to do it for you. The truth is you do not have to endure bad credit for seven to ten years if you want to challenge the accuracy of your credit report. This summary of the Fair Credit Reporting Act shows you it is possible for you to repair your own credit report and the sooner you start the better.
Copyright ? 2005 Credit Repair Facts.com All Rights Reserved..
This article is supplied by http://www.credit-repair-facts.com where you will find credit information, debt elimination programs and informative facts that give you the knowledge to correct your own credit and credit report. For more credit related articles like these go to: http://www.credit-repair-facts.com/articles_1.htmlWhy Pay For Credit Repair Services ? Do It Yourself
Advertisements for credit repair services are everywhere, but what do you get when you purchase one of these services. Actually you get very little and possibly nothing because according to consumer reports many of these offers are scams. Many credit repair services charge you money to give you ideas about how you can repair the credit yourself. It is impossible for a company to repair your bad credit. That is something you have to do for yourself.
A credit repair company advertises that it will clear up all your bad credit problems and make it easier for you to get a loan for a car or a credit card.
Many of these companies charge you hundreds of dollars, which you can use to pay your monthly bills and so nothing for you. You can provide you own credit repair services by starting with a request for your credit report. This is free, whether you make the request online or from one of the credit reporting agencies. You are entitled to one free report per year.
Why Pay For Credit Repair Services ? Do It Yourself 
Credit report > Why Pay For Credit Repair Services ? Do It Yourself
Top 5 Reasons To Check Your Credit Report Regularly
#1 Make sure mistakes aren't hurting your credit.Reviewing your credit report can help you avoid costly errors.
In one recent study, more than 50% of the credit reports checked contained errors. Other studies have shown similar results with as high as a 70% error rate. The most common error occurs when the information of another person, with a similar name or account number, is recorded in your credit profile.#2 Track your history of payments.Potential lenders want to see a history of timely payments before they'll consider offering you a loan or credit.
Check your report to see that your payments are being reported accurately to the credit reporting agency (CRA).
A history of late payments will result in higher interest rates being charged or having your credit application or a loan denied.
Late payments will also lower your FICO score.#3 Protect against potential identity theft.Identity theft has become the fastest growing crime in our nation....
Credit report > Top 5 Reasons To Check Your Credit Report Regularly
Improve your credit score using credit cards
If you have bad credit or no credit or even a bankruptcy, you can improve your credit score.
First, you should get copies of your credit report. The three major bureaus are: Trans Union http://www.transunion.com/, Experian http://www.experian.com/ and Equifax http://equifax.com.
You need all three bureaus as not all creditors report to all the bureaus.
Once you have a copy of your credit report, check it for accuracy. You can dispute incorrect items online. This is what credit card companies and lenders look at: Number of outstanding accounts and high balance.
If your balances are high on many accounts, this lowers your FICO score. Pay them down.
The trick to improving your credit score is to have low balances on your accounts. Primarily on installment and credit card balances.
If you have no credit or a bankruptcy, the easiest thing to do is apply for a secured credit card. Make sure the card you get reports...
Credit report > Improve your credit score using credit cards
Blue Financial Promotes More Exposure for FTC's Free Credit Report Program
Phoenix, AZ (ContentDesk) October 23, 2005 -- Blue Financial says The Fair Credit Reporting Act (FCRA) requiring each of the nationwide consumer reporting companies - Equifax, Experian, and TransUnion - to provide consumers with a free copy of their credit report is the best thing to happen for consumers in years.Hal Jolley, President Of Blue Financia says, "Your credit report includes information on where you live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy. Nationwide consumer reporting companies sell your information to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home." "Every consumer should check their report for accuracy," Jolley says, "Every single consumer should order their free report online at annualcreditreport.com, by calling 1-877-322-8228, or by completing the Annual Credit Report Request Form and mailing it to: Annual Credit...
Blue Financial Promotes More Exposure for FTC's Free Credit Report Program
Credit report > Blue Financial Promotes More Exposure for FTC's Free Credit Report Program
Get Your Annual Free Credit Report ? Why Pay For It?
You can get an annual free credit report from any of the three major credit bureaus. If you have ever had credit, then there is a report on your borrowing and repaying at one of these bureaus ? maybe all three. The Fair Credit Reporting Act is a law saying that every person is entitled to receive one annual free credit report once every twelve months from the credit bureaus.
Annual credit reports are very important because they contain all of the information about your credit history ? not just for the past year, but for at least 7 years. When you request an annual free credit report, the credit bureau is not allowed to charge you for the first report.
However, if you request more than one report, then you have to pay for the others.
There are many sites on the Internet that will charge you for a credit report. Therefore it is important to know that you do not have to pay for this service. By analyzing your annual free credit report once a year...
Credit report > Get Your Annual Free Credit Report ? Why Pay For It?
Bad Credit Report Repair
Every aspect of your life can be adversely affected by a bad credit report.
Having a low credit score means you will not qualify for low interest credit cards= or for car and mortgage loans. However, getting out of debt and fixing your damaged credit report is not as hard as you might think. You may be able to do so without the assistance of credit counselors or money managers who will try to take more money from you with their debt consolidation plans.
The temptation to seek the services of credit repair companies is very strong to those with bad credit. They way they advertise can look very promising for those who are desperate enough to need their service.
However, everything they can do for you to repair your credit you can do yourself for little or no cost.
You do not need to pay their fees to fix your credit report.
Depending on the accuracy of the negative information on your credit report, there are easy steps you can follow...
Credit report > Bad Credit Report Repair
Credit report
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