The Fair Credit Reporting Act for Consumers

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. As you have previously learned, there is a variety of information on your credit reports. Some of this information is accurate while some may be inaccurate. These reports may have outdated and completely false claims which can ruin your credit without you knowing it.

The FTC (Federal Trade Commission) tells us that we do not need to arrange for "magic fix" from a possibly dishonest agency. We can fix our credit ourselves. The FRCA basically says that the only "negative" information that is permitted to remain on your credit report is negative information that can be proved 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.

You will then put together all your documentation for your claims that information is inaccurate. This data is your proof. Send to the credit bureau(s). They must respond and they must prove that the 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.

Technorati Tags: credit agencies, fair credit reporting