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Credit Repair Workshop

Credit Report Rights

Know your Rights

You should know that the Federal Fair Credit Reporting Act is in the consumer's favor. This means you have the advantage.

One part of this law states that when you dispute any information contained on your credit file, the Credit Bureau must verify the accuracy of the information with the creditor who reported the information within 30 days. If they are unable to verify the information within 30 days, it must be removed.

Congress strengthened The Fair Credit Reporting Act (FCRA) in order to allow anyone to dispute negative disputes on their credit report because they felt we all deserve a second chance. This act gives you the right to correct, update, amend and tell your side of what happened to the credit community. These laws do not work though unless you initiate and use them.

The Fair Credit Reporting Act sets certain guidelines which credit bureaus and your creditors must follow when reporting your credit file, as well as giving the consumer certain rights.

Your 6 basic rights under The Fair Credit Reporting Act (FCRA)

1. You have the right to challenge the accuracy of your credit report any time.

2. The credit bureaus must reinvestigate anything you challenge without charging you a fee.

Dealing with Credit Bureaus

3. The credit bureaus must reinvestigate within a reasonable amount of time. 30 days constitutes a "reasonable amount of time" unless the bureau notifies you otherwise (so keep accurate records).

4. If the credit bureau finds an error in the challenged item, they must delete or correct that information in your files immediately. You may also ask that anyone who has recently received your report be notified of the change.

5. If the credit bureaus cannot or do not confirm the challenged item within 30 days, they must delete that information from your files immediately.

6. You have the right to submit a Consumer Statement of your view of the problem. If you, as a credit consumer, dispute the accuracy of certain information in your credit report and it is verified by the creditor as correct, then the credit bureau is required to include your explanation of your dispute, if you request, in your credit report. Limit your explanation to no more than 100 words.

What is a billing error?

The law defines a billing error as any charge:

For something you didn't buy or for a purchase made by someone not authorized to use your account.
For something that is not properly identified on your bill or is for an amount different from the actual purchase price or was entered on a date different from the purchase date.
For something that you did not accept on delivery or that was not delivered according to agreement.
Errors in arithmetic.
Failure to show a payment or other credit to your account.
Failure to mail the bill to your current address, if you told the creditor about an address change at least 20 days before the end of the billing period.
Questionable items, or any item for which you need more information.

Credit Report Rights
Credit Report Rights
Fair Credit Reporting Act (FCRA) enacted in 1970, the Fair Credit Reporting Act (FCRA) is a Federal legislation promoting the accuracy, confidentiality, and proper use of information in the files at each “consumer reporting agency”. Equal Credit Opportunity Act (ECOA) Equal Credit Opportunity Act is the Federal legislation that prohibits discrimination in credit. The ECOA originally was enacted in 1974 as Title VII of the Consumer Credit Protection Act.

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