Your credit rights and their role in fixing your credit
The credit system isn’t a two way conversation between your lenders and the credit bureaus, it should also involve you. You have the right to question any information in your credit report that is inaccurate, untimely, misleading, incomplete, ambiguous, unverifiable, biased or unclear. Any questionable item that cannot be verified must be removed.
Justin R. Padawer, psychologist and consumer advocate explains this system. There are three consumer report agencies Equifax, Experian and Trans Union, but neither is official, they are not under the government’s wing. They are privately owned and they buy and sell our information for a profit. The laws that can be applied to these so called agencies are laws that protect consumers, or consumer protection statutes. They work to place limits upon the credit bureaus. So when a lender tells you that they can’t remove something from your credit report for seven years, by law, they are either misinformed or they are lying. The Fair Credit Reporting Act places limits on the amount of time something can be reported but it doesn’t stipulate that something must be reported.
Besides the act mentioned there is also the Fair Credit Billing Act, the Fair Debt Practices Act, and the Truth in Lending Act. They are all created to help any customer improve their credit rating. Even if these laws give you the possibility to address credit issues on your own it is a long and hard road to acting on them. You also have the possibility to address a specialized firm to fight the system for you. Correcting your credit or errors on your credit report is possible, and also credit report negatives can be removed from your credit report.
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