Archive for November 26, 2014

Fair Credit Reporting Act

This then gets into credit reports and becomes part of a credit history and becomes a problem for future loans. However, it should be noted that often there are errors and inaccuracies in the credit report. These credit report errors can and do affect one’s credit rating and places a person as a candidate for bad credit or poor. It is therefore very important that the inaccuracies be treated and a clean credit report be in place after all the discrepancies in the credit report were removed. People with a bad credit report that have a need to clean up your credit the law on their side that allows them to request a reinvestigation of information in a credit file dispute as inaccurate or incomplete. There is no charge for it. Everything a credit repair clinic can do for you legally, you can do yourself with little or no cost.

Under the Fair Credit Reporting Act people are entitled to a free copy of your credit report if denied credit, insurance or employment in the last 60 days. If an application for credit, insurance or employment is denied because of information supplied by a credit bureau, the company you applied to must provide you with the name of that credit bureau address and phone number. You can correct mistakes or outdated items on your report free credit. Ask the credit bureau for a dispute form or submit your claim in writing together with supporting documentation. Do not send original documents.