Did you know that in 1970, Congress passed a law called the Fair Credit Reporting Act (FCRA)? A federal law that says the credit companies: Equifax, Experian, and Trans Union, must explain literally hundreds of laws under this act to us before they can place any negative information on our credit reports.
If you knew a crime had been committed against you, how would you react to the offense? Have you ever received a call from these credit companies explaining your rights under the FCRA before placing any negative information on your report? Well, if you answered NO, you probably wont. You and others could be eligible to receive money from a lawsuit if the credit companies refuse to delete derogatory items from your report.
What Is The Fair Credit Reporting Act Of 1970?
The FCRA of 1970 is a federal law passed by Congress in 1970. According to this federal law, credit agencies like Equifax, Experian, and Trans Union are required to explain certain guidelines with consumers before they report any negative information on their credit reports. These guidelines include over 325 laws that they must provide to the consumer before applying any negative information on a credit report. If the credit companies ignore the FCRA regulations the negative information is considered inaccurate, erroneous, or obsolete.
Is Credit Repair Legal or Illegal?
Yes, it is Legal! However, buyers beware: there are unscrupulous companies that charge high fees and make claims to clear less than perfect credit reports within hours, without proven and legitimate results. The general public should be aware of such schemes.
What types of negative information can legally be removed from a credit report?
Student loans, judgments, foreclosures, repossessions, student loans, tax – liens, charge offs', late payments, hospital bills, bankruptcies - Chapter 7, 11, & 13.
Do these negative items have to stay on my credit file for 7 – 15 years?
“ Delinquent items on your credit report will stay on your credit for 7 – 15 years,” is a fabrication based on the efforts of the credit reporting agencies to increase interests rates and gain money from our wallets over a period of years. Each item can be legally disputed because the credit companies ignored the Fair Credit Reporting Act of 1970. The Federal Trade Commission has reported that 98% of the time the credit companies report information inaccurately on our credit reports.
Don't believe the myths: Negative items on your credit report can be deleted before the 7– 10 year time frames that the credit companies report such items. You can begin your life with a new start and save your hard earned money for you and your investments.
What is the cost of bad credit?
Unbelievable high interest rate charges on your mortgage, car, loans, etc are the cost of less than perfect credit. Credit affects the type of car you buy, the type of job you obtain, and insurance. With a reasonably high credit score you can refinance at much lower interest rates as well as have more financial leverage in your community and your personal life.
How many points can an inquiry lower my credit score?
An inquiry can lower your credit score 4 – 6 points each time an inquiry is made on your credit file. Different accounts or derogatory items can lower your score by 50 points as well.