According To The Federal Trade Commission......
..... more than half of all consumers have an error on their credit report that could affect
their ability to get the best rates for things like credit, bank loans & insurance.
Low scores can also keep people from being approved to rent a house or apartment.
Sometimes these errors can even prevent a person from getting a promotion or being hired for a new job.
Some Of The Most Common Errors Are
Because of the many errors and mistakes suffered by the public,
The (FCRA) The Fair Credit Reporting Act was enacted in 1970 and later amended in 2003.
The law is designed to protect consumers from inaccurate or misleading financial information being used against them. The law grants access to the reports & the ability to dispute negative items. The law also ensures that the public is notified if negative information about them is added to their record.
The FCRA Factual Dispute process allows consumers to dispute information on their credit report that they believe to be inaccurate or incomplete.
If the consumer disputes an item, it could be removed from their credit report if the proper steps are taken.
A lot of people either assume:
1) All negative report items automatically disappear when paid-off
2) There is nothing they can do when a major mistake appears on their report
There are also many other protections given to us as consumers when we are
borrowing money & paying off debts. This is the framework for
Credit Score Advocate
Everything Is In Accordance With
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