What does the law say about repairing your credit?

What does the law say about repairing your credit?

The United States Congress enacted the Fair Credit Reporting Act (FCRA) in 1971 to insure that the credit bureaus investigate the credit items disputed by consumers.  It was last amended in 2001. This federal law set technical rules which gave the consumer the right to challenge the accuracy, validity, and verifiability of the credit trade lines appearing in their credit report. It also required that the credit bureau fix any credit listing if it was inaccurate or could not be verified.

In theory, the FCRA mandates the credit bureaus with responsibility to the consumer as well as the credit grantor. In reality, the credit bureaus resist, resent, and reject consumer disputes. The credit bureaus would rather be left alone to make a profit. And, each time a consumer challenges his credit, profit is lost.

The credit bureaus first defend their profits by erecting stockades of stall tactics, including requests for more information, further clarification, and additional identification. The vast majority of consumers give up before they even receive copies of their credit reports. If a consumer manages to get a credit report, decipher the codified information, write a reasoned dispute, and mail it, the bureaus may still find some reason to disregard the challenge. The entire dispute system is designed to frustrate and discourage the consumer.

However, if you manage to submit a valid dispute letter, and the credit bureau investigates your dispute, the chances of success are good - whether or not the negative listings are accurate! Accuracy actually has little to do with the deletion of negative items.

If a credit bureau cannot verify an item before completing its investigation, that item will be removed. Many creditor grantors are simply reluctant to take the time to verify the data. While the credit bureaus may be in the business of reporting credit histories, creditor grantors are not.

At Master Credit Solutions, we are in the Credit Restoration and Education business.  We get astonishing results because we have Attorney Facilitated Credit Repair – in which our Foundation Attorney writes the letters and are sent off on attorney letterhead.  We get results others dream of.

Please visit us at www.mastercreditsolutions.com.