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part
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2
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.
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