Repairing Your Credit
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COMPLETE SYSTEM TO AID IN REPAIRING YOUR CREDIT REPORT INCLUDES SAMPLE FORMS
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TABLE OF CONTENTS
INTRODUCTION
CHAPTER ONE
Obtaining Your Credit Report
CHAPTER TWO
How To Read Your Credit Report
CHAPTER THREE
Challenging Items On Your Credit Report
CHAPTER FOUR
Prioritizing Your Debt
CHAPTER FIVE
Creating A Budget You Can Live By
CHAPTER SIX
Summary Of Your Consumer Credit Report
SAMPLE LETTERS
Authorization Letter
Dispute Letter
Request For Review Of Credit Letter
IMPORTANT ADDRESSES
INTRODUCTION
Credit plays a major role in everything that we do in the United States. Without our credit it is difficult to function. The problem that we have is that we are given credit when we are very young without the benefit of knowing its importance. If you are not aware of the importance of your credit history you won't take the proper safe guards to protect it. The majority of the information in your credit report is obtained from companies you have credit with, such as banks, department stores, finance companies, etc. Some information, such as bankruptcies, judgments, lawsuits and tax liens come from public records supplied by the various court systems and public records.
There are three major Credit Reporting Agencies (CRAs) in the United States and they are TransUnion, Experian and Equifax. The Federal Fair Credit Reporting Act (FCRA) and the accompanying state laws govern credit-reporting agencies. The state law referred to in this book is California law. FCRA was designed to promote accuracy, fairness, and privacy of information in the files of every CRA. The information regarding your credit is supplied by creditors, public records and others that you?ve done business with, to the CRA's.
The CRA's are credit bureaus that gather, organize and store information about how you the consumer spend your money and pay your debts. They supply this information to creditors, employers, landlords, insurers and other businesses. The FCRA give suppliers and users of credit information, and CRA's, specific responsibilities in connection with their respective roles in the credit granting and reporting process. The FCRA also provides specific rights in dealing with these entities. You can find the complete text of the FCRA at 15 U.S.C. 1681 et seq., at the Federal Trade Commission's website http://www.ftc.gov you may have additional rights under the law.
You may contact a state or local consumer protection agency or a state attorney general to learn those rights. In accordance with the law accurate negative information such as late payments or collection account can remain on your credit report for seven years. Bankruptcies on the other hand can remain
on your credit for up to ten years. Positive information can remain on your report indefinitely.
You have a right to dispute inaccurate information by contacting the consumer credit reporting agency directly. However, neither you nor any credit repair company or credit service organization has the right to have accurate and verifiable information removed from your credit report. Under the FCRA the consumer credit reporting agency must remove accurate negative information from your report only if it is over seven years old.
