Find the best credit card offers online.The job of credit bureaus is to come up with credit reports of consumers, with the intention of making these as accurate as possible. However, there are times when people working for these credit bureaus make mistakes here and there – mistakes that can be costly on credit scores of consumers. It is because of this that the federal government developed FCRA or the Fair Credit Reporting Act. Implemented on April 25, 1971, the purpose of this act is to protect credit cardholders against development and plotting of inaccurate, obsolete, and even misleading information on their credit reports. This way, the equitable and responsible operation of these organizations would be ensured.
As a cardholder, take initiative in knowing your rights, especially since there just might come a time when your report would contain inaccurate information. Just like there is an art to complaining, there is also an art to dealing with these inaccuracies and the first step is to know your rights and the procedures involved towards clearing negative remarks on your report. By understanding your rights as a cardholder, you can use the law to your benefit, effectively wiping off late payments, judgments, charge-offs, collection accounts, and even bankruptcy.
The first thing to do then is ask for copies of credit reports from all major credit bureaus. If you do not know the contact information of your local bureau, then look it up in the yellow pages or even online. If you were denied credit within 60 days prior, then it would be easier for you to get a free copy of this report. All you have to do is attach a copy of the denial letter you received with your request for a credit report. However, if you have not been denied credit within this period, then you might have to pay for a credit report.
You can also review it in person by making an appointment with the bureau. What you are asking for is not out of bounds in any way because this is well within your right and means. There is a charge for physical perusal of your credit report, though this can be minimal compared to the benefit of reviewing your report in person.
Should you have any disputes regarding inaccuracies, make sure to file such in a formal manner. Your local bureau should then respond within a reasonable time, usually a period of 30 days. If the bureau does not respond within that period, send another letter to follow up your request. Make sure to tell them you will resort to legal action if they still refuse to comply. If you still do not hear from them, then ask for legal assistance from your lawyer.
