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How to Repair Your Credit ((Part Three))
Your rights are your rights and they are very important!
All Federal Laws are on your side. This means
that you have the upper hand. The law we are referring to is the Federal Fair Credit Reporting Act.
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This law partially says that when and if you dispute an item
present in your credit report, the Credit Bureaus have to verify its accuracy with the
reporting creditor of the negative item within a 30 day
period. When the verification is not completed within 30 days, then it has to be
deleted.
>> Congress has passed The Fair Credit
Reporting Act when they felt that we deserve a second chance.
The FCRA grants you the right to update, correct, amend as
well as voice your side of the story to the credit bureaus. However, these laws will not work unless you
instigate and initiate an investigation.
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The FCRA outlines guidelines which every credit bureau and every one of your creditors
has to abide by when reporting to your credit report, also giving you, the consumer, your rights.
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This now brings us to the crucial step of the actual work we need to do on your credit report.
Get defensive and caring about every negative item on your credit report.
Don't forget, the credit bureaus are nothing more than privately owned companies that sell
your info. They are not your colleagues. You didn't authorized any of your creditors to
start selling your information and you are not getting part
of the profit revenues they are getting.
Your rights under “Fair Credit Reporting Act” summarized in 6 points
1. You have the every right to contest any inaccuracies on your credit report
whenever you like.
2. Credit bureaus have to reinvestigate any
item you decide to challenge free of charge.
3. Credit bureaus have to reinvestigate within
a 30 day period or a reasonable amount of time. That usually
means within no more than 30 days unless of course the bureau
send you a notification of delay(so keep accurate records).
4. If any of the credit bureaus find any errors in the any disputed items,
then they have to correct or delete the item in dispute from your credit report immediately.
5. If a credit bureau does not or cannot confirm
your disputed item within the 30 day period, they must then delete that item from your credit report immediately.
6. You have every right to include your Consumer Statement (your side of the story) or your opinion of the
situation. If you decide to dispute any inaccuracies on your
credit file and it is indeed confirmed by the lender as accurate, the credit bureau must include your
original explanation of your disputed item, as long as you requested it, in your credit
file. Be brief and put in the effort to limit your explanation to 100 words or less.
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