Your Credit Rights

credit rights

Government has implemented various consumer credit rights to help protect each and every consumer from credit bureaus business. These help to not only keep the consumer safe, but also help to keep the credit bureaus honest and in good order. Knowing them is very important when trying to do anything yourself with regards to your credit.

– According to the Fair Credit Reporting Act, you can obtain a free copy, from each of the three credit bureaus, of your credit report. You have to request this but you can do so once every 12 months.

– If you have been denied credit you can actually send a rejection letter to the credit bureau that holds your report that your potential creditor used and receive one within 30 days.

– If you feel anything on your report is inaccurate, you can dispute it and by law the bureau in question must within a reasonable amount of time re-investigate it in order to try to resolve it. These could be issues like late payment records, judgments, bankruptcies, charge offs, tax liens or anything that was an outright mistake being there.

– You can have negative points removed on your credit report after seven years have passed. In order to have a bankruptcy removed, you will need to wait 10 years. This gives you a lot of incentive to forget the past and strive towards the future if you have had some major credit problems in the past. There can be hope at the end of the tunnel.

– You can have a credit bureau contact the potential creditor that denied you credit because of having misleading or erroneous information on you. They then can report the correct information all free of charge.

– If you are wanting to block your credit report information from someone or a company that has no legal requirement for it you can do so.

– You can rightfully sue any credit bureau that has done anything illegal with regards to your credit report.

Also feel free to get in touch with the Federal Trade Commission whose responsibility is to keep an eye on credit bureaus if you feel you are being mistreated.

While these are some of your more basic rights, you may feel more comfortable hiring a credit repair firm to take these issues on themselves. If however, you have found some issues with your credit report and want to tackle them yourself, do so only a few at a time. Don’t for example go and fight 10 inaccuracies at once. You will get further doing at the most three at a time. Also be prepared for things to take several months. This kind of thing usually isn’t solved immediately.