Fair Credit Reporting Act?
The collector was lying (imagine that) A creditor or collector has the right to report AND the right to NOT report a valid account or debt. A creditor or collector has the right to report a valid account or debt to only one or two CRA's or to all three. Any business, creditor or collector, has the right stop reporting on a report at any time. The one thing that they legally MUST do is report the valid account or debt correctly if they do report. The collector is trying to snow you, in my opinion. You should stop speaking to them by phone, only correspond by mail. If you have not sent a debt validation letter, you should. You should also include in the DV that you are requesting that no calls are made to you at your place of business or your home as it is inconvenient to you and all future correspondence from them must be made in writing and sent by USPS. Never sign your name to anything that is sent to a collector, only print your initials or type your name Everything that is sent to a collector should be sent certified mail return receipt If you had that statement from them in writing, you would have them on FDCPA violations - false information, etc. ETA - I agree with Cali
Why are there so many inquiries on my credit report and what are my rights?
Credit inquiries are on your credit report when somebody enquires for your report. There are two types of inquiries- hard enquiries and soft enquiries. Soft enquiries are when you request for your credit report. Such inquiries do not affect your credit score. When you apply for a loan or a credit card, lenders, banks and the financial institutions request for your credit report to check your credit worthiness. This counts as a hard enquiry against your credit report. Hard enquiries have a negative impact on your credit score and too many hard enquiries can get you tagged as ‘Credit hungry’ and get your loan application rejected.
Where can I find out more about the fair credit reporting act?
Following are several sites which you can utilize to familiarize yourself with FCRA.Fair Credit Reporting Act | Federal Trade Commissionhttps://www.ftc.gov/enforcement/...The official website of the Federal Trade Commission, protecting America's consumers for over 100 years.[PDF]A Summary of Your Rights Under the Fair Credit Reporting Acthttps://www.consumer.ftc.gov/art...A Summary of Your Rights Under the Fair Credit Reporting Act. The federal Fair Credit Reporting Act(FCRA) promotes the accuracy, fairness, and privacy of. information in the files of consumer reporting agencies. There are many types of consumer reporting.Fair Credit Reporting Act - WikipediaFair Credit Reporting Act - WikipediaThe Fair Credit Reporting Act, 15 U.S.C. § 1681 (“FCRA”) is U.S. Federal Government legislation enacted to promote the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies.U.S.C. sections amended: 12 U.S.C. ch. 16 §§ ...Titles amended: 12 U.S.C.: Banks and Banking; ...Enacted by: the 91st United States CongressStatutes at Large: 84 Stat. 1114-2 aka 84 Stat. ...15 U.S. Code Subchapter III - CREDIT REPORTING AGENCIES | US ...15 U.S. Code Subchapter III - CREDIT REPORTING AGENCIES15 U.S. Code Subchapter III - CREDIT REPORTING AGENCIES ... 1681s–2 - Responsibilities of furnishers of information to consumer reporting agencies ...FCRA Summary of Rights | EquifaxFCRA Summary of RightsThe Fair Credit Reporting Act (FCRA) is a federal law that regulates how consumer reporting agencies use your information. Enacted in 1970 and substantially ...Fair Credit Reporting Act – Consumer Rights & Reporting RegulationsDebt.org - America's Debt Help Organization › Credit › Credit and Your Consumer RightsNov 9, 2012 - The Fair Credit Reporting Act protects consumers' personal financial documents and prohibits unfair actions by big companies.What Is the Fair Credit Reporting Act? | Nolo.comWhat Is the Fair Credit Reporting Act?The Fair Credit Reporting Act (FCRA) is a federal law that governs how a credit reporting agency (CRA) handles your credit information. It is designed to protect ...A Layman's Guide to Fair Credit Reporting Act (FCRA) – Credit ...A Layman's Guide to Fair Credit Reporting Act (FCRA)Fair Credit Reporting Act that regulates the assortment of credit information and access to your credit report. It was approved in 1970 in USA. See details here.
What is the Fair Credit Reporting Act?
It gives you as a consumer certain and vital rights concerning how your credit information is reported and stored. Please see this short summary of your rights under this law: http://www.google.com/url?sa=t&rct=j&q=&... P.S. It is a PDF file that Adobe Reader or compatible programs can open.
Disputing negative items on credit report?
Oh my these answers! OK, first you need to understand how the "game" is played. I assume you have read and understand the Fair Credit Reporting Act...if not do so now. The law is very clear. If there is an error on your credit report, you have the right to report it. The credit bureau MUST verify that the information is correct, so they MUST contact the creditor. If the creditor does not respond back within 30 days, the item MUST be deleted. Many times, the creditor does not have your records any longer, or they just don't bother to respond. Either way you have now deleted a negative item. OK so the debt is accurate and you do owe them. But read my previous statement.....if there is an error...ANY error...it must be investigated. You are right...if you dispute every item as "not mine" then the credit bureau will file your dispute as frivolous and do nothing. But is that balance they claim you owe accurate? Maybe the collection agency padded it with illegal fees? What about the delinquency date? Did they illegally re-age the debt? By law, they must report the accurate delinquency date within 90 days of posting it. Did they just make up a date? Can they prove it? The FTC did an audit of thousands of credit reports, and it was determined that nearly 60% had some type of error. What you are going is using their incompetency to your advantage. There is nothing wrong with doing this! You are not lying! You are simply enforcing your right to challenge inaccurate info. Yes, you need to dispute items with each of the credit bureaus, as they do not share information between themselves. You can do them all at once in the same letter. Must important...you do NOT need to hire a credit repair agency, as this is EXACTLY what they do, and they will charge you a whole lost of money. Don't forget...you must also send a letter to the creditors and demand that they VALIDATE their debts. They must supply you with copies of contracts, bills, receipts, and everything they used to calculate what they claim you owe.
Where can I get my credit score and credit report for free?
I am going to assume you mean FICO score. Many companies offer what's called a FACO score, very different.If you want the king of FACO scores, go with credit karma, the name brand in FACO scores.As for FICO scores, there are MANY versions of it and used for different purposes.The easiest and cheapest way to get one, albeit will ding your credit a bit is to apply for a credit card you know you wont get. Most credit card issuers will send you a free score with the decline letter which they must send you. This will provide you with a real FICO score that is the very score they use to determine your credit card issuance. Beyond that, each type of credit has it’s own score, mortgages, car companies, etc, will have to repeat the same process with each one but again, will ding your credit but very minimal.
How can I remove charge off's from my credit report?
you can get it payed for as low as 10% most of the time 50% and they will stop interest charegs if you call, write and otherwise negotiate. dispute it through bureu. also you have the right to post a rebuttle and it will be disclosed along with your report negoptiate with teh creditor, sample letter included in following ebook. http://www.geocities.com/maverick_mathaeus/CREDIT_REPAIR.html
Are lenders obligated to report delinquencies under the Fair Credit Reporting Act?
Yup. This obligation is spelled out in Section § 623, (a)(5)(A) which states: Duty to Provide Notice of Delinquency of AccountsIn general. A person who furnishes information to a consumer reporting agency regarding a delinquent account being placed for collection, charged to profit or loss, or subjected to any similar action shall, not later than 90 days after furnishing the information, notify the agency of the date of delinquency on the account, which shall be the month and year of the commencement of the delinquency on the account that immediately preceded the action.
Does disputing your debts really help your credit score?
Let me first respond to our debt collector's answer. You have a RIGHT to dispute ANY item that is on your credit report. This RIGHT is clearly defined in the Fair Credit Reporting Act. You will NEVER go to jail. It is NOT fraud. Clear enough? True....the credit bureau has the right to ignore REPEATED disputes as frivolous. But if you dispute every single item on your report, they MUST investigate them. Why did the government give you this right? Because a few years ago Congress was presented with audits showing that more then 25% of all consumer credit reports contained errors serious enough to result in denied credit. In 2003 Congress passed the Fair and Accurate Credit Reporting Act, in an effort to correct this problem. In their most recent study, it was discovered that there was NO IMPROVEMENT in the amount of errors on credit reports. Nearly 21% of people who request their credit reports filed a dispute with the credit bureau. Collection agencies HATE the FCRA laws. It forces them to take time out of their busy schedule of harassing debtors, and forces them to search for old records to prove the debt is legitimate. It costs them time and money. For that reason, they will ignore many of the investigation requests from the credit bureau. True.....the bureau will delete the record. and true, they will just update it in a few months and it will re-appear again. That assumes that they do their job. In many cases they don't. And your negative credit item disappears forever. For this reason you ALWAYS dispute every single negative item on your report. But you must also send a letter to the creditor and demand validation. You want them to send you proof you owe the debt. In other words...you are demanding that they do their job. If it costs them time and money...oh well! That is their job. If that means our poor collection agent has to put in a little more work, too bad. I have helped many people fix their credit showing them how to dispute items. It will not remove them all...but it will remove a few (and maybe most) of them.
How do I dispute a debt showing up on my credit report without restarting the clock on it, if it is a legitimate debt?
I previously worked for a credit reporting agency.By law (refer to the FCRA), anyone who pulls your credit report (the credit reporting agency) must provide assistance with credit disputes. Call the credit reporting agency that was used to pull your credit report and start the dispute process. Legally they have 45 days to complete research regarding the dispute and resolve the issue. They also are not allowed to charge you for this service. Look up your rights as a consumer for more information regarding these processes. There are many rights you have that are available for you to see, but aren't advertised (of course).NOTE: A dispute notation will remain on the tradeline you're disputing on your credit report until you remove it.