Consumer Rights For Credit Repair – Only 5% aware

Posted by Admin on February 18, 2010
Filed under Credit repair | Comments (12)

ONLY 5% of Americans are aware of their rights, what about the remaining 95%. They need to be aware of their rights to prevent falling prey to Lawyers and firms claiming to reduce your credit liabilities in short time.

Know Your Consumer Rights related to Credit Scores

1. The FCRA and FACTA allow consumers one free credit report every 12 months for each of the CRAs (Credit Rating Agencies).

2. Collection agencies work for creditors to help collect money owed to them. Collection agencies have right to contact you but laws prohibit harassment.

3. Fair Debt Collection Practices Act prohibits third-party debt collectors from harassing, oppressing or abusing you. They may also not threaten to sue you, threaten to take your property without the right to do so or threaten to throw you in jail. The law further specifies that collection agencies may only contact you between the hours of 8:00 AM and 9:00 P.M. Collectors may not contact you at work if your employer disapproves and you advise them of this.

4. According to the Fair Credit Reporting Act, credit bureaus must provide personal telephone assistance to answer consumers’ questions about the reports. Also, credit bureaus must handle disputes within 30 days unless additional information is needed.

5. If you disagree with the result of the CRA’s investigation, you have the right to submit a 100-word explanation. The credit bureau must include the explanation in your file although the negative information will not be removed.

6. Some consumers who have had errors corrected find the incorrect information reappears in their files at a later date. Both federal and California laws require credit bureaus to notify the consumer within five days of reinserting information. Negative information cannot be reinserted into your file unless the credit bureau takes the added step of having the source of the information certify that it is complete and accurate. Credit bureaus must provide the subject of the report with a toll-free number to dispute the reinsertion and the opportunity to include a dispute statement.

7. After seven years, negative information in your report should automatically be deleted. Under federal as well as California law, the seven years begins 180 days from the date of the original delinquency. A Chapter 7 bankruptcy should be deleted after 10 years from the filing date. A Chapter 13 bankruptcy, which includes some debt repayment terms, remains on your credit report for seven years. Otherwise, negative information will remain in your file for the period allowed by law.

8. The law does not allow CRAs to compile and sell information from credit reports for the purpose of direct marketing.

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