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.

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 Even though most of the entries may be accurate, it is possible that you may find false and/or outdated information in these documents.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.

According to the FTC (Federal Trade Commission) tells us that we can fix any problems with our credit reports ourselves without any help from a possibly disreputable company. According to the FCRA, the only “negative information” that can remain on your credit report is “negative information” that can be proven to be true.

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.

Only you can decide if you will be able to carry out this process on your own behalf. If not, you may consider “Credit Counseling.” This also needs to be done very carefully. Avoid those agencies that promise to change your credit almost overnight. It’s probably too good to be true. In addition, you may be asked to pay an “upfront” fee and monthly fee. These are also agencies that need to make money. They could be SCAMS.

You can be sure that there are honest companies and people who will provide help. Try finding referrals from others to help find a reputable person who will address your needs.

Related posts:

1. Credit Report Contents
2. GOOD CREDIT IS A MUST
3. Considering Credit Counseling?
4. The Cost of your Credit Score
5. Credit Repair – agency credit repair

Tags: auto loan, bad credit repair, credit cards, credit fix, credit repair companies, Credit repair services, credit restoration, economy, finance, increase credit score, Money, mortgage, Mortgages

This entry was posted on Friday, January 30th, 2009 at 4:53 am and is filed under Mortgages. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.