Some Main Consumer Credit Report Rights According to the Federal Fair Credit Reporting Act - You as a consumer are allowed to obtain a credit report for a fair fee from $8 to $15. - You can obtain one for free within 30 days if you are denied credit so long as you send a rejection letter to the credit bureau. - You may dispute any information contained within the report that you feel is inaccurate. The bureau must re-investigate this within a reasonable time (around 20 business days) - May have disparaging information taken off your report within 7 years. (Bankruptcies take 10 years) - You are allowed to place within your statement a 100 word document explaining any disparaging information - You can request (and have) the credit bureau to contact those creditors you name at no cost who have incorrectly received improper information on you, thus correcting your report. - You can have your credit report blocked from anyone who does not legally have a legitimate need for it. - You can sue the credit bureau if it knowingly or inattentively breaks the law. You can also contact the Federal Trade Commission who is responsible for fixing any information on your report which you have not been able to fix through a credit bureau. However don't think they will contact you regarding it. Their job is to monitor the credit bureaus but if numerous people complain about a similar issue, they can correct this. Federal Trade Commission Pennsylvania Avenue & 6th Street, NW Washington, D.C. 20580 (202) 523-3830 Analyzing and Disputing Your Credit Report You have the right to dispute any information on your credit report you feel in inaccurate. These could be some sample areas of dispute: Charge offs, late payments, out right "not yours", collections, judgments, tax liens, bankruptcies, etc. But if you decide to do them yourself, keep in mind these issues: - Do not try to dispute more than 3 issues at one time. There is a tendency to try to get as many done as possible from the start, but if your report has numerous issues you need to dispute, you will do better doing no more than 3 at a time. Also do not expect to have instant success, it takes months if not in some cases years to fully clean up your report, but it is worth it. - When you dispute, we recommend that you do so with your own handwriting and always keep a copy of what you have written them. Also do not be afraid to follow up on issues if you seem to get a neutral response back from them. |
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Information to help you raise your credit score |
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