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.