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Your credit report holds utmost importance if you are in need of credit. It is usually the deciding factor. A creditor will have a thorough look at your credit report to make sure that you have a good credit history and you will be able to return the credit. But what happens if the credit report he gets is not true and has mistakes in it? Well, you can be deprived of credit, at most. But you are no way helpless in such a situation. The Fair Credit Reporting Act gives you enough powers to fix credit reports. The Fair Credit reporting Act, amended on September 30, 1997 under the federal law, states that your credit report should be error-free and confidential.
You can
have a look at your credit report by requesting the credit bureau. The three
major credit bureaus are:
Experian - P.O. Box 2002, Allen, Texas 75013
Trans Union Corp. - P. O. Box 1000, Chester, PA 19022
Equifax - P. O. Box 740241, Atlanta, GA 30374
The Fair Credit reporting Act gives you the power to can send a letter to the
credit bureau requesting for your credit report. Once you get to see your credit
report you can identify the mistakes you would like to fix.
After identifying the mistakes to be fixed, you can send another letter to the credit bureau, asking them to fix the errors and mistakes. The Fair Credit reporting Act gives you the power to write them the letter to fix credit reports once they are identified. The credit bureau has the right to investigate the mistakes but this should be done within the 30 days of receiving your letter. If their investigations prove that the errors are justified then they shall have to fix it, as per the Fair Credit reporting Act. The credit bureau also shall send the changes to all the other credit bureaus, and on your request, can also send it to the creditors you recently visited. However, the Fair Credit reporting Act also gives you the power to challenge the credit bureau if they rule out the changes you have mentioned in the letter.
All in all, the Fair Credit reporting Act gives you the power to fix credit reports, providing you the freedom to apply for credit without any worry.
