Credit reports are a statement that contain information about your credit history. Credit reports are highly regulated thanks to the Fair Credit Reporting Act, which means that if there is incorrect or out-dated information on your report, you need to know your rights. Contact Barshay Sanders for a free consultation about your credit report.
The Fair Credit Reporting Act
The Fair Credit Reporting Act (FCRA) was passed in the 1970s as a way to standardize and regulate credit reports. Thanks to FCRA, you’re able to receive one free credit report from each of the three major credit bureaus. Checking your reports regularly will help you spot incorrect information. Find out how to make the most of your free credit reports.
Credit reports also let you see what your credit lender sees which is important because the information posted on a credit report has to accurately reflect your credit information.
Credit reports are not public
Only you are allowed to see your credit report. The only exceptions are if it’s related to a credit transaction, if it’s in response to a court order or if an employer requests it. But if an employer requests a copy of your credit report, they must also get your written permission to access it.
The seven-year ditch
Collections are only supposed to stay on your credit report for seven years. In some instances, debt buyers, people who buy old debts to collect on, may re-age the debt or change the dates of your debt to extend the statute of limitations. This sounds like it’s illegal because it is. Re-aging old debts is a major violation of the Fair Credit Reporting Act.
If your debts have been re-aged illegally, set the record straight by writing to the credit reporting company and the credit bureaus and attaching copies of supporting documents. If collectors don’t withdraw a wrongful re-aging, the FTC could fine them $2,500 per incident.
Protect your credit score
Your credit score is made up of the factors below. Any of these factors could have errors that are affecting low credit scores.
- Payment History
- Amount of Debt
- Length of Credit History
- New Credit
- Credit Mix
Correct the errors
If your credit report includes incorrect information, dispute the error and contact either the credit bureau or your lender. Both the credit bureau and the lender are obligated to investigate any disputes. If the error is not corrected or updated after you contact either agency, you need to take legal action. You may be entitled to some
Tell your side of the story
Did you know that you have the right to attach a summary explanation to your credit report if your dispute is not resolved to your satisfaction? This way any future lenders or employers will be able to get your version of what happened with your credit history.
Let Barshay Sanders PLLC help with your credit report issues
If you are experiencing any of these issues with your credit reports, you need to our office as soon as possible. You can call us at (855) 456-2240 or you can fill out a form and submit your credit report for a free review.