With the heavy regulations now put on the industry that promises to raise your credit score, also known as the restoration of your credit, still there are doubters as to whether or not this can really be accomplished. Perhaps, you are one of them.
Hopefully, this article
will set the record straight for you. First, what is
the
Fair Credit Reporting Act? “The federal-Fair-Credit-Reporting-Act.pdf
(FCRA) promotes the accuracy, fairness and
privacy of information in the files of consumer reporting
agencies”, this is a direct quote from the act.
As
such, it outlines your consumer rights as to what can and
cannot be placed
on your credit report. Despite this act,
it is generally accepted that an
amazing 70% of credit reports
still contain errors. Why is this? Very simple.
There
are many different reporting and information collection companies.
Many of which you never even heard of.
When
information is reported to them which will eventually appear
on
your credit history, it is almost always unverified. Here is what the act says:
“Consumer reporting
agencies must correct or delete
inaccurate, incomplete
or unverifiable information. Inaccurate,
incomplete or
unverifiable information must be removed or
corrected, usually
within 30 days. However, a consumer reporting
agency may continue to
report information it has verified as accurate.”
So, do the reporting agencies verify your information before
it gets
placed on your credit report? The answer is no! They
are not required
to by law, however, they are required to
remove any information which
they are asked to verify, but
cannot, within a 30 day period.
Is
there more to this act? Absolutely. For example, it
is a Federal Crime
for anyone to pull or request your credit
report without your permission.
For more information on this
please visit: FTC.Gov
So,
here is my suggestion to you if you suspect your
credit score is lower than it should be.
First,
go to Free Credit Score Simulator
then
click on the link on that page for a free credit report review
with
an expert to see what can be done to raise your credit score.
Yours Truly
Steven Ciantro
Consumer Advocate
American Debt Enders
Certified Credit Counselor
TalkShoe Radio
Host
Member National Association of Certified Credit Counselors
Debt Expert for Gail Kasper's Top 1% Club
Gail Kasper's Top 1% Club
877-766-2465
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