Reporting Debts Found in Fair Credit Act

Filed under: Fair Credit Act - 29 Apr 2013  | Spread the word !

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If you want to find out the timeline on your debts and see if it is gone, know that it takes more than a magician to make debt disappear. It takes time, but you can find out if a debt has vanished by checking your credit reports.


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Checking your credit reports means checking all three of them, because each may have different information. You can view your credit reports from the three major credit bureaus, Equifax, Experian and TransUnion once a year for free. You can also access your reports by visiting Annual Credit Report’s website.

You should know that many companies advertise free credit reports, but in the fine print of the deal, you must sign up for some other service you may not want or need for a cost to get your free reports. Keep that in mind to avoid unnecessary surcharges.

Once you receive your credit reports, you can check to see which debts are still showing up. The rules for the reporting of debts can be found in the Fair Credit Reporting Act – FCRA. The act states that most negative items must be removed from your credit report seven years from the first date of delinquency.

Some exceptions to the seven-year rule include Chapter 7 bankruptcy filings (10 years), judgments (7 years or until the state statue of limitations expires), and money owed to or guaranteed by the government, such as unpaid taxes or student loans that remain on your report indefinitely or until seven years from the date paid.

If you also want to know how long until the debt goes away completely, the Fair Credit Act rules apply only to the reporting life of a debt, not the collecting life span. Your state’s statue of limitations, or SOL, for collecting a debt governs how long the debt can be legally collected using the courts. However, collecting companies can try to collect the debt outside of the courts past the statue of limitations date.

So, if you are hoping the debt will go away from both your credit report and your life, you may not get your wish. While debts may be gone from your credit report, they may not be forgotten. In the industry, debts that are ‘oldies but goldies’ are called ‘stale debts’. They represent a thriving business, as they are often sold and resold for pennies on the dollar. So even a partial payment makes a call or letter worthwhile for the collector. This means that the only sure way to get rid of a debt is to pay what you owe or at least an agreed upon portion of what you owe.

If your ultimate purpose is to put your debt behind you and move on with a clean slate, you should contact the collectors listed on your credit report for the accounts you know are yours. Just make sure you know the amount you owe and come to a payment agreement. Before you call to negotiate, you should also know what you can realistically afford to pay per month or in a lump sum. If you negotiate a payment for less than the full amount owed, be sure to get the payment agreement in writing from the collector before you send in any payment.

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About The Fair Credit Act

Filed under: Fair Credit Act - 22 Mar 2013  | Spread the word !

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If you have never heard about the Fair Credit Act you should know that it actually is designed with the main purpose to make sure that all individual credit reports include accurate information. Under the terms of the Fair Credit Act, a series of rights are granted to individuals. For instance, a customer will enjoy the right of limiting access of third parties on his personal account. On the other hand, in case errors are found in a customer’s file, they have to be reported and repaired immediately.


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Below you can read more information about the Fair Credit Act and how it functions nowadays on the territory of the United States.

1. Privacy

One of the main benefits of the Fair Credit Act is that privacy is ensured for all individuals. Under the terms of the law, a credit report cannot be issued to a third party when the person in cause has not given his or her permission for the record to be received by that entity. Such credit reports will only be issued to authorities which can access them by the law. They may include creditors, potential employers, insurers, landlords, but also banks.


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2. Accuracy

In case errors are found in the credit report of an individual, they have to be corrected as soon as possible. The authority entitled to make such corrections is the credit bureau. This authority may be notified that a record contains information that is not accurate by the person in cause. The new record, with all corrections, should be sent to all the agencies which received that particular record containing erroneous information.


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3. Transparency

All individuals are entitled to one free copy of his or her credit report, per year. An additional free credit report can be obtained by unemployed individuals who need this document for a form of employment. This free copy is also granted in case the report contained inaccurate information.


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Currently, customers rights are protected on over the territory of the United States by the Fair Credit Reporting Act. There are various rights and benefits you are entitled to under the terms of this law and knowing them all is a must for your own benefit.

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Your Credit Rights – The Fair Credit Reporting Act

Filed under: Uncategorized - 10 Oct 2012  | Spread the word !

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The Fair Credit Reporting Act is an important legal act, promoting the accuracy and privacy of information in consumer credit reports. To be protected by this law, you need to know which are your rights. Below you will find the main rights that the Fair Credit Reporting Act guarantees.

1. In case information in your file has been used against you, you must be notified immediately.

If someone uses your credit report to deny your application for a credit or insurance, you have to be told. Actually, no matter the reason why your credit report is used to take action against you, you have to be notified. Whoever used your credit report has to tell you the name and address of the agency which provided him the information. 


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2. You have the right to find out what is in your file.

All consumers have the right to know what is included into their files. In case you want to find out which information is contained by your file within a consumer reporting agency, you have the right to request it. To obtain that information you need to offer a proof of your identity, including your social security number.

The disclosure is in most cases offered free of costs. However, there may be situations in which you will be asked to pay for it. It is important to know that you have the right to a free disclosure in case:

  • A person has taken adverse action against you using the information contained by your credit report;
  • You are a victim of identity theft;
  • Your file contains false information.


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3. You have the right to access your credit score.

Whenever you desire, you have the right to ask for a credit score from consumer reporting agencies. However, you will most likely have to pay in order to get your credit score. There may be cases in which it can be obtained free of costs.


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4. You enjoy the right of disputing information that is incomplete or inaccurate.

In case you find that the information included into your file is incomplete or inaccurate in any way, you can report it to the consumer reporting agency. In case a mistake has been made, consumer reporting agencies have to correct or delete it.


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5. Your consent is required for consumer reporting agencies to provide information about you.

A consumer reporting agency is not allowed to give information about you to your employee, unless you agree to it. Your written consent will be necessary in such a case. 


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If by any mean you feel that your rights have been violated, you can seek damage. You have the right to sue the violators in state or federal court and seek justice. Knowing your rights is very important. This is the only way you will be able to stand for yourself and make sure that you are not the victim of a fraud or an abuse.

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FCRA – Advantages and Consumer Rights

Filed under: Uncategorized - 13 Sep 2012  | Spread the word !

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The Fair Credit Reporting Act (FCRA) is United States federal legislation that promotes fairness, accuracy and privacy for data used by consumer reporting agencies. This law includes many benefits to American consumers and accuracy in consumer credit reports and privacy.


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Fair Credit Reporting Act Advantages

Disclosure. Consumers have the right to access their own credit reports, so they can maintain their creditworthiness. The Fair Credit Reporting Act increases disclosure related to credit information and it’s not perceived as something mysterious. It guarantees to consumers access to their own credit files. They benefit from one free copy per year.

Information accuracy. The FCRA guarantees consumers that credit files contain the most accurate and the latest information. Consumers can dispute any information that they find inaccurate or incomplete in their credit files. Credit reporting bureaus have to remove negative information older than seven years. Nonetheless, bankruptcy reports can remain on the file even for a decade.


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Identity Theft Protection. Those consumers who believe that their identity may be stolen can request a security freeze.

Privacy. The FDRA allows only companies that have a serious and valid need to access a consumer’s credit file. Pre-screened credit offers are also available for consumers.

Financial Compensation. Consumers who are victims can recover financial damages from credit bureaus that didn’t remove inaccurate entries after a consumer submits an official dispute.

Consumer Rights Under the FCRA

  • the consumer has the right to know what is in his file
  • the consumer has the right to dispute on incomplete information from credit bureaus
  • the consumer must to be told if information in his file has been used against him
  • the consumer has the right to ask for a credit score.


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Each state can enforce the FCRA and there are states that have their own consumer reporting laws. Nonetheless, consumers are protected by this federal legislation.

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All You Should Know About The Fair Credit Act

Filed under: Uncategorized - 13 Jul 2012  | Spread the word !

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The Fair Credit Act is an important law functioning on the territory of the United States. The law is also known under the name of the Fair Credit Reporting Act, regulating the collection and use of costumer information. Naturally, consumer credit information is included under the terms of the law, too. This is the law that regulates all consumer rights, being enforced since the 1970s. The law aims to promote and sustain the accuracy and privacy of personal information, by everyone who has to handle it.

Under the terms of the Fair Credit Act, costumers receive a series of major rights. Here are some of the most important ones.

  • In case personal information from your file will be used against you, you have to be notified immediately.
  • You have the right to know exactly which are the information found in your personal file. Actually, you can ask to obtain that information, which will be provided to you basing on your Social Security number. 
  • You are also entitled to request a free disclosure, once a year.
  • You have the right to ask for a credit score.
  • You have the important right of disputing incomplete or inaccurate information, in case you notice that in your file there are certain errors.
  • In case inaccurate information is found in your file, you have the right to ask agencies to correct or delete the errors. The information has to be removed within 30 days after filling the request. Requesting your credit report is a must to be able to detect and correct all possible errors.
  • Access to your personal file is limited. This means that other persons will not be able to access all the information included into your file, everyone enjoying privacy this way.
  • When reports are provided to someone else, such as to your employees, you will have to give your consent. The written consent will have to be in the possession of the authority asking access to your file, to be able to receive your credit report information.

In case any of your rights are violated, you can seek damages. This is why it is very important to know which are your rights and how can you defend them. In case you have any reasons to suspect that your credit report has been abused, you should consider filling legal charges.


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Consumer reporting agencies collect and disseminate information about consumers, all with the purpose to use it for credit evaluation and also for employment. However, the access to your personal information will be limited and you can find out exactly what your file contains. Information can include medical records and payments, residential or tenant history, check history, employment and insurance claims history.

The Fair Credit Act was enforced in 1970 by the US Federal Trade Commission and it represents nowadays the protector of consumer credit right in the country. The law was created with the purpose to protect consumers and their rights, but also to prevent agency abuses and violations.

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Consumer Rights under the Fair Credit Act

Filed under: US Laws - 03 Jun 2012  | Spread the word !

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The Fair Credit Act, also known as the Fair Credit Reporting Act, is a federal law in the United States concerned with the regulation of collecting, disseminating, and using consumer information and credit information. The history of the Fair Credit Reporting Act goes back to 1970, when this law was originally passed. It is enforced by the US Federal Trade Commission and, together with the Fair Debt Collection Practices Act, forms the base of consumer credit rights in America. And speaking of consumer rights, most people do not know what their rights are and are often taken for a fool. This is why they should get informed on this matter and find out what their consumer rights are in order to protect themselves.

According to the consumer rights stipulated by the Fair Credit Reporting Act, all consumers must be told if information in their file has been used against them. The consumer must also be informed if someone uses a credit report or other types of consumer reports to deny their application for credit, insurance or employment. That someone also has to give the consumer the name, address and phone number of the agency where s/he got the information from. The consumer has the right to know what is in his file. In order to find that out, consumers have the right to request and obtain all the information about them in the files of a consumer reporting agency, as long as they properly identify themselves. Moreover, consumers are also entitled to a free disclosure once a year upon request from each nationwide credit bureau and specialty consumer reporting agencies.

Consumers are entitled to ask for a credit score, which is a numerical summary of credit-worthiness based on information provided by credit bureaus. Additionally, consumers also have the right to dispute incomplete or inaccurate information. Should any inaccurate information occur, consumer reporting agencies must correct it or remove it from the consumer’s file. Now that we have covered the Fair Credit Act, consumers should also know what their Fair Debt Collection Practices Act rights are, in order to prevent debt collectors from harassing them. Debt collectors cannot call consumers before 8 am and after 9 pm, nor can they call repeatedly or harass them by phone. It is also forbidden for them to use obscene language, make personal negative comments and religious or ethnic slurs. As you can see, it is very important to know the consumer rights under the Fair Credit Act.

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What Is The Fair Credit Act

Filed under: Uncategorized - 30 Mar 2012  | Spread the word !

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The Fair Credit Act is a federal law of the United States of America. This law regulates the collection and usage of consumer information, including that related to credit information. The Fair Credit Act is the base of the consumer’s rights. The law was passed in 1970. Originally, the Fair Credit Act was just an amendment to the Consumer Credit Protection act, added to this law on June 29, 1968. In the United States of America there are several consumer reporting agencies, institutions that can collect and disseminate the information about consumers. This type of information can be used for many purposes, including to offer credit reports . This institutions have some rules they have to obey, according to the Fair Credit Act. For example, a consumer must be informed anytime when he needs some information. The agency has to verify first the accuracy of the the information, of course, before sharing it.

Since 2003, when an amendment of the Fair Credit Act was passed, consumers have the right to ask and to receive one free credit record each year. This can be requested by telephone, mail or through an official website, authorized by the government -- http://annualcreditreport.com. Another rule regarding the Fair Credit Act is related to the negative information. If this is removed because of a dispute involving the consumer, he must be noticed five days in advance before the information is reinserted. The notification must be done in writing. Another important thing regarding negative information in relation to the Fair Credit Act is that it cannot be retained for an unlimited period of time.

This kind of negative information refers to late payments, tax liens and judgments and it is usually erased after seven years. Of course, there are also exceptions, for example, bankruptcies remain of the consumer’s credit reports for ten years. The consumers have the right to find which institution provided the report, because if it is inaccurate it may be contested. There are only three companies that can operate in name of the Fair Credit Act: Transunion, Equifax and Experian. If a consumer is prejudiced, one of the amendments of the Fair Credit Act specifies that he can file suit and ask for damages.

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The Fair Credit Act is Designed to Protect You

Filed under: Uncategorized - 15 Feb 2011  | Spread the word !

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As a consumer, you have certain rights. While there are times when it seems like companies don’t honor these rights, it’s important to remember that you can still exercise the rights that are legally given to you. Fortunately, the government took notice of the fact that companies were abusing the rights of consumers far too often. As a result, they created the Fair Credit Act. The purpose of this act is to lay out exactly what rights consumers have in regards to their credit. While reporting credit is important, it’s even more important that consumers like you aren’t abused in the process. Thanks to this act, you have much more control over your credit.

One of the components of this act is that you have to be notified when your credit report is accessed. This means that if you apply for an apartment and the leasing company checks your credit report, they can’t do so without telling you. The same goes for an employer. While an employer can look at your credit report, you have to give them your permission.

While the Internet has made many things easier, it has also created its own set of problems. At one point or another, many people fall prey to some form of identity theft. If identity theft has an impact on your credit report, you’ll be relieved to know that this act allows you to dispute the items that are put on your credit report as a result of identity theft. The same applies for any other items you discover on your credit report that aren’t accurate.

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Fair Credit Act Laws

Filed under: Uncategorized - 20 Jul 2010  | Spread the word !

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In the 21st century, credit has become a double-edged sword. A good credit history helps us make expensive purchases, such as houses and cars, that would otherwise be impossible, but a bad credit history works against us when it’s used to charge higher premiums for insurance or to reduce our ability to rent a place to live or get a job.

A credit report that’s bad simply because it contains errors is especially harmful. That’s why Congress passed the Fair Credit Reporting Act in 1971 and amended it in 2003 and 2009.

One of the most ubiquitous credit report scams is that if you just call an 800 number or go to this Web site, you can get a free credit report, as if this “free” report were a special gift from an exceptionally wonderful company.

People familiar with FCRA know that since 2003, every U.S. resident is entitled to obtain their credit report for free from each of the three credit reporting agencies (Equifax, Experian and TransUnion) once a year.

Any other entity claiming to provide free credit reports is probably a scam to get you to sign up for other expensive services, such as credit monitoring.

The Federal Trade Commission now requires that such offers include a disclosure that free credit reports are available under federal law by calling 877-322-8228 or by visiting AnnualCreditReport.com. The toll-free number and the Web site are sponsored by the three credit reporting agencies.

FCRA also requires that “nationwide specialty consumer reporting agencies” that maintain files on consumers’ medical records, tenant, check-writing, employment and insurance claim history provide annual disclosures.

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Fair Credit Act Consumer Rights

Filed under: Uncategorized - 22 Feb 2010  | Spread the word !

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Many people have heard of the Fair Credit Reporting Act or the Fair Credit Act, however not many understand it. There are many intricacies involved in the use of the FCRA, few of which, fortunately, apply to the consumer themselves. However, it is important to understand the rights that are imparted to you by this act.

According the Fair Credit Reporting Act, as a consumer, you must be notified whenever there is a damaging report made to your credit history. To take it further, you are also allowed to view the information for why the report was made. Both of these measures help you understand how your credit is affected by your decisions.

You also have the right to know why someone took a particular avenue of action against you as well as what would have caused them to do so. This information is all free if this has happened, or if you’ve been the victim of identity theft, your file is inaccurate due to fraud, on public assistance or if you’re unemployed with the intent and expectation of applying for employment in the next sixty days.

You also have the right to review your credit score from a credit reporting agency. This will cost, but it may allow you to exercise your other rights, including your right to dispute claims that are incomplete or inaccurate. This can be very important as it could allow you to build your credit score back up if it has fallen for any reason. In all cases, this information is sealed and not accessible without your express permission (generally a signature on a loan application or job application). Knowing and understanding your credit score could mean the difference between breaking your back for minimum wage and making $50,000 to sit behind a desk.

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