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Repair Your Credit The RIGHT WAY! |
Building Better Credit And Credit Repair
Newspapers, radio, TV and the Internet are filled with advertisements that offer—for a fee—to erase accurate negative information in your credit file. The scam artists who run these ads can't deliver. Only time, a deliberate effort, and a plan to repay your bills will improve your credit record. This publication is designed to help you understand and legally improve your credit report through the right way to credit repair. This publication has five sections:
Consumer Reporting Agencies
If you've ever applied for a credit card, a personal loan, or insurance, there's a file about you. This file contains information on where you work and live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy.
Companies that gather and sell this information are called Consumer Reporting Agencies (CRAs). The most common type of CRA is the credit bureau. The information CRAs sell about you to creditors, employers, insurers, and other businesses is called a consumer report.
he Fair Credit Reporting Act (FCRA)
The FCRA is designed to promote accuracy and ensure the privacy of information used in consumer reports. Recent amendments to the Act expand your rights and place additional requirements on CRAs. Businesses that supply information about you to CRAs and those that use consumer reports also have new responsibilities under the law.
Here are some questions consumers commonly ask about consumer reports and CRAs—and the answers.
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No-Cost Equity-Style Loans Come to Primary Mortgages (Washington Post) One of the most popular offerings in the home equity lending market is about to become available in the primary home loan arena: mortgages that carry no lender fees, no appraisal charges, no credit report, loan origination, tax service, processing, document preparation, courier or any of the other...
Bankrupt and Swamped With Credit Offers (Washington Post) Overwhelmed by more than $60,000 in debt, Lenya Garcia filed for bankruptcy protection last July. In January, her case was completed and her debts -- mostly on credit cards -- were dismissed. Less than a month later, a rash of new credit card offers began arriving in the mail.
More free credit reports available June 1 (News Daily) A federal law being rolled out across the country this year will allow consumers to obtain one free credit report each year from each of the three reporting bureaus by the end of the year. But when the law goes into effect in Georgia next week, it will be icing on the cake, consumer advocates say.
'Bounced-check protection' rules draw critics (Bankrate.com) The Federal Reserve's newly minted rules regarding bounced-check protection plans do practically nothing for consumers, at least according to consumer advocates.
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