4 Laws Making Fixing Your Credit Possible-aquaria

Credit Fortunately for you, half a century ago Congress recognized that the credit reporting system needed legislation. The practices of the credit bureaus and the agencies using the credit reports they provided were deplorable. American consumers were being abused by a system they had no way of influencing and no way of keeping in check. To combat these abuses, Congress enacted the Fair Credit Reporting Act which with its subsequent revisions has become the keystone for constructing your consumer credit rights. It is because of the Fair Credit Reporting Act that you have the right to see what information is recorded on your credit reports and to dispute any questionable negative items they contain. Along with the FCRA, there are other consumer protection laws that give you certain rights when you are working with the creditors and collections agencies who provide information to the credit reporting agencies. By being aware of and making use of their rights under each of these statutes, consumers have been able to successfully fix their credit reports. Fair Credit Reporting Act The Fair Credit Reporting Act is what got credit repair started. Because of this act, you have the right to see your credit reports and to dispute questionable credit listings directly with the credit reporting agencies. Fair Debt Collection Practices Act Along with protecting your against abusive behavior from collectors such as contacting you in the middle of the night, screaming at you, cursing, lying about their identity, or threatening violence while trying to collect a debt, the Fair Debt Collections Practices Act (FDCPA) gives you powerful debt validation tools that give you the right to challenge any debt. Fair Credit Billing Act Similar to how the Fair Debt Collection Practices Act governs collections agencies, the Fair Credit Billing Act gives you the right to dispute inaccurate negative credit directly with your original creditors in order to modify the way they are reporting your account to the credit bureaus. Credit Repair Organizations Act With all the legislation surrounding credit repair, it can be overwhelming for a newcomer considering repairing their credit . Fortunately, there are reputable credit repair firms who help consumers work towards a fair and accurate credit score. These credit repair organizations are regulated by the Credit Repair Organizations Act which helps prevent consumers from becoming a victim of a credit repair scam. About the Author: The Functions And Applications Of Smart Card By: Luna – Know more about smart card from this article, learn smart card functions, applications. 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