Credit Repair – Know Your Legal Rights (FACT Act)

In summary, the FACT Act gives you the following rights:

1) You have the right to dispute any information on your credit report that you feel is inaccurate. One of the first steps taken with credit repair is to break down your report and make a list of any issues that you feel could be mistakes. QBF scheme

How this works is when you find inaccurate information, the creditor must form an investigation of the item within 30 days. Their results must be be provided to you in the form of a written report and if there are any changes made then the revisions must be submitted and changed on your credit report.

2) You have the right to have all outdated information removed. Credit repair means cleaning up your history as best possible and when there are still old entries lingering on your report, you have the right to have these entries completely removed. In most cases, any information that exceeds seven years can legally be removed. Bankruptcies have a longer time span of ten years. fivem host

3) You have the right to take legal action against any creditors who damage your report. The FACT Act provides the common consumer to receive damages from organizations that do not follow the law when reporting your information to the credit bureaus. When starting credit repair and you find this to be the case, you can potentially sue and collect thousands of dollars. There have even been cases of consumers collecting millions!

4) You have the right of limited access your credit report. Oftentimes when individuals start the credit repair process they find many credit requests that were listed which were not authorized. The law states that only organizations whom are recognized by the FCRA with permission to access your credit report can do so. Examples of these types of entities are your creditor, landlord, employer, and insurer, just to name a few.

5) You have the right to be informed when any decision has been made against you in regards to your credit report. What this means is that any time you apply for something, whether it be a credit card, a new apartment, or job placement, and you were turned down for reasons of credit, career opportunities the institution who pulled your file has the legal instruction to explain to you that the decision was made due to the information on your credit report.

There are many other rights offered to you by the FACT Act when starting the process of credit repair. Other examples include the right to have access to all information on your report, have inaccurate information deleted, avoid medical information being reported without your consent, and the ability to personally place statements on your report, on your own.



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