Free Credit Report Act
2010
Online Credit Report – The Fair Credit Reporting Act Of 2004
The Fair Credit Reporting Act is an American Federal law that protects the consumers from the credit bureaus publishing inaccurate credit related information about them.
Since credit bureaus retrieve their information from a large variety of sources, statistics alone show that there will be several mistakes listed. Since so much of country depends upon the credit industry for purchasing power, the government enacted this law to protect the consumer so they can continue to establish credit.
Paula de la Torre Editor of the “Best Credit Reporting Services” website — http://www.CreditReportsAndScores.biz — pointed out;
“… You should always monitor your credit report for mistakes and fraudulent use. By continuing to check your report on a regular basis you can ensure that you will not only have a really good credit score, but you will maintain that score…”
Simple things can change your credit report and thus your score. You should also keep in mind that there are three major reporting companies in the United States and that each one will have different items listed and each should be checked for errors.
“… The General Accountability Office of the U.S. Government had found that almost 80% of all reports contained errors, causing the consumer to be rejected for credit or pay higher interest rate. The Fair Credit Reporting Act was signed into law and now consumers who monitor their reports can fight back…” P. de la Torre added.
By law, the credit bureau can not report any item that it can not verify and if you dispute any item they must remove it until it can be verified. If it is verified they must notify you in writing within 5 days of returning that item to your report.
With this law to back the consumer from unfair credit reporting, each person should take advantage of this opportunity to check and correct their reports. The law is on their side!
Further information about how to get a detailed credit report including scores and as often as you want by visiting; http://www.CreditReportsAndScores.biz
About the Author
Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.
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