There are several ways that your credit rating can be damaged negatively. It is not uncommon that the items being reported to your credit bureau may not be correct. To help consumers protect their credit bureau 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 providing guidelines for the reporting agencies to report accurately. The FCRA put together in 1970 provides consumers with certain laws which include the ability to request 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 created 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 allows 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 important acts was established to give consumers a path 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 credit bureau report. If you have been a victim of Identity fraud and or your are having trouble disputing items on your credit report, you may want to review 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 knowledge is not an excuse, especially when the law was put in place to aid 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 makes sense to keep some form of identity protection and credit monitoring service.
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