Theme: Utilizing The FCRA And FACTA To Aid You In Fixing Your Credit Rating
January 14, 2009There are lots of ways that your credit rating can be adversely affected. It isn’t unusual that the items being reported to your credit agency may not be correct. To help consumers protect their credit agency reports, the government has in place some laws that can help in disputing negative items and restoring a consumer’s good name. These laws are The FCRA and FACTA.
The FCRA is short for the Fair Credit Reporting Act. The FCRA protects consumers in the event erroneous information is place on their report by holding the credit agencies responsible for reporting accurate information. The FCRA put together in 1970 provides consumers with certain laws which include the ability to get a copy of your credit report, dispute negative items on your report, and notification if a removed item has been re-entered into a consumers report. The list I have provided is a few of many rights that a consumers has under The Fair Credit Reporting Act. To take advantage FCRA it is important to stay on top or your credit rating by using credit monitoring services on a consistent basis.
FACTA also known as Fair and Accurate Credit Transaction Act holds credit organization responsible for the way a consumer’s information is handled. This law was established to lessen fraudulent cases. The guidelines set by FACTA ensure that certain documents such as personal information are shredded by any organization that handles sensitive personal information. FACTA also grants consumers the right to receive at least one free credit report per year. In some states like Georgia the limit is 2 free reports per year.
These two timely guidelines was established to give consumers a course of action to take in the event their credit information is ever compromised. Surprisingly many people are not aware of these laws place in the books to protect them. Taking advantage of FCRA and FACTA is as simple as getting a free copy of your free triple score. If you’ve been a victim of Identity fraud and or your are having trouble disputing items on your credit report, you may want check out these acts to understand your rights. Another option is to hire a reputable credit attorney to work in your favor to take advantage of your rights under the FCRA and FACTA.
Lack of education of these acts is not an excuse, especially when the law was put in place to assist and assist you. To minimize your risk and maximize your safety, you should educate yourself on the benefits of the FCRA and FACTA. It is also a wise decision to keep some form of fraud protection and credit monitoring service.
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