Credit repair is a huge challenge for most of us trying to get inaccurate or old information off of our credit report. But if you know what legal rights you have you may be surprised at what you can accomplish.
In 1971 the United States Congress enacted the Fair Credit Reporting Act to insure that the credit bureaus investigate the credit items disputed by consumers.
This federal law gives the consumer the right to challenge the accuracy, validity, and verifiability of the credit listings appearing in their credit report. It also requires that the credit bureau repair any credit listing if it is inaccurate or can not be verified.
But people continue to be negatively effected by credit bureaus everyday. The main reason is lack of knowledge on how to correct or change their credit information. This very important information could even save many from bankruptcy.
The problem is the entire dispute system is designed to frustrate and discourage the consumer. Credit bureaus use many stall tactics, including requests for more information, further clarification and even identity clarification.
The majority of us give up before even receiving a copy of our credit report. Even if a consumer manages to get their credit report, decipher the coded information, write a coherent dispute, and mail it, the credit bureaus may still find some reason to disregard the challenge.
Some people even have the idea that credit bureaus must complete their investigation within thirty days or be forced to remove all disputed information. The reality is no one forces the credit bureaus to do anything.
Believe it or not, accuracy of your information actually has little to do with the deletion of negative items. Many creditor grantors are simply reluctant to take the time to verify the data. While the credit bureaus may be in the business of reporting credit histories, creditor grantors are not.
However, if you submit a valid dispute letter, and the credit bureau investigates your dispute, the chances of success are good. If a credit bureau cannot verify an item before completing its investigation, that item must be removed.