Credit repair was made possible by the Fair Credit Reporting Act of 1971. This law gave ordinary consumers like you many new rights, one of the most important of which was the right to dispute inaccurate information on your credit report.
The law has gone through many updates, amendments, and changes over the last few decades, adding new sections and expanding consumer coverage. Most recently, The Fair and Accurate Credit Transaction Act (FACTA) of 2003 added even more rights, including the right to receive a free copy of your credit report each year. You can’t repair what you don’t know is there, and this law made it possible to easily take that first step in credit repair — getting your hands on a copy of your report.
There are also strong new regulations on how creditors must deal with identity theft cases, fraud alerts, and how they must dispose of consumer information.
Of all these new rights, the most crucial thing the Fair Credit Reporting Act and FACTA did was to allow consumers the right to dispute inaccurate information on their reports.
The exact language in the Act reads:
“If the completeness or accuracy of any item
of information contained in a consumer’s file at a consumer reporting
the agency is disputed by the consumer, and the consumer notifies the agency
directly of such dispute, the agency shall re-investigate, free of charge, and
record the current status of the disputed information, or delete the item.
Before the end of the 30-day period beginning on the date on which the agency receives the notice of the dispute from the consumer.”
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