The Fair Credit Reporting Act (FCRA) is written as a protection for the consumer and not the credit reporting agencies. Please see
www.ftc.gov/s/statutes/fcradoc.pdf for details of this important act.
The FCRA explains what we can see from the credit reporting agencies and our rights. We have a right to view the financial history which the credit bureaus have for us. Remember that these agencies are interested in money and are "for profit."
There is much information on your credit report regarding your financial picture. Even though most of the entries may be accurate, it is possible that you may find false and/or outdated information in these documents. This could be an unwelcome surprise.
In a nutshell, the FCRA says that the only "negative information" that can remain on your credit reports is only that which can be proved as true. This is the reason the FTC (Federal Trade Commission) says that we can fix our credit ourselves and don't need to seek an "overnight credit fix" from some less than reputable agency.
When you do the comparison and review of your reports, if negative information is true, "it has to stay." Mark the entries you plan to dispute. Then you will make a case for removal.
All of your data regarding inaccurate information will need to be documented and provide your proof of an error. This will be sent to the Credit Bureaus who must respond. It will be up to them to prove all information is true.
It is possible that you may decide that this project is really not something you can successfully complete on your own. Then you may consider "credit counseling." Do this very cautiously. "Overnight" credit fix is too good to be true and these companies could ask for a lot of money "upfront" and charge a monthly fee. Although it might sound really good, remember that these agencies are also "for profit" and need to make money. Think SCAM.
There are people who can probably give you referrals for honest companies or people who can assist you. People are available who are reputable and will take care of your needs.
About the Author:
With never before seen challenges in the credit markets it's more important than ever to have excellent credit. For more information check out Rob Kosbergs' Detailed FREE Guide on Maintaining and Repairing your Credit Score by going to
Bad Credit Repair for your FREE information.
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