Consumers Benefit from the FCRA
Consumers will find information about their rights in the Fair Credit Reporting Act (FCRA). Please go to www.ftc.gov/s/statutes/feradoc.pdf for the details.
You will learn that you have a right to see the information all credit reporting agencies have about you. All these credit agencies are in the business of making money and need to show a “profit.” The FRCA explains what consumers are entitled to see and consumer rights.
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 Even though most of the entries may be accurate, it is possible that you may find false and/or outdated information in these documents.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.
Get your credit reports, compare, mark any entries that you believe are false. If it’s negative and true, it has to stay. Then you will make your case for why information is false.
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.