News Feed Item

CreditCardChaser's Guide to Cleaning Up Credit Report Errors

SEATTLE, WA -- (Marketwired) -- 08/18/14 -- There was a time when credit reports were secret, hidden documents that only banks knew about. These hidden reports served the same function -- determining the creditworthiness of a customer -- but they were not public. As the credit report has emerged from the shadows, the United States government has given consumers more rights. CreditCardChaser.com, a leading credit website, has created this comprehensive guide to cleaning up credit report errors. Here are some of the laws giving consumers the rights and powers to clean up credit report errors, followed by some tips on how to correct these errors.

Whose Credit Report is It?
All of the information on the credit report belongs to you in theory. But it has taken awhile for the consumer to be given power over controlling this powerful document.

The most important rights that consumers have over credit reports is the right to one free credit report annually, right to be treated fairly by collection agencies and the right to have an accurate credit report.

Truth in Lending Act of 1968
The Truth in Lending Act (TILA) was issued to standardize and popularize the use of credit cards. This law regulates the most basic credit card practices including interest rates, conditions and the requirement for fair resolution of credit card billing disputes.

Fair Credit Billing Act Amended in 2003
The Fair Credit Billing Act (FCBA) is very important because it establishes the basic rules that if your credit card were stolen, misused or misidentified, then you are not liable. More specifically, you don't need to pay for the following: unauthorized charges, ordered merchandise that was not received, goods that did not meet your standards and incorrect charges. This law took away the apprehension that consumers initially had for using credit cards for expensive purchases.

Fair Credit Reporting Act Amended in 2003
The Fair Credit Reporting Act (FCRA) is the most important for correcting any errors you might find on your credit report. The Fair and Accurate Credit Transactions Act (FACTA) of 2003 also gives consumers important rights. The consumer reporting agencies (CRAs) are the third-party collectors of consumer information on behalf of the banks. Here are the important rights listed under these laws:

  • Right to one free credit report each year
  • Right to dispute errors
  • Right to have inaccurate information removed
  • Time stipulations for financial institutions to correct errors
  • Negative information cannot be reinserted in report without notifying consumer
  • Bankruptcies and liens fall off report after certain period of time

Consumers have the right to an accurate credit report with all of the legal ramifications that this entails. Once a consumer receives his annual credit report from the three CRAs, the consumer should go through it with a fine-toothed comb. Errors can pop up for a wide number of reasons.

Information is collected from banks, insurance companies, collection agencies and housing units. Someone might have mis-typed a number or letter during data entry. If your name is common, you might have someone else's name on your credit report.

Correcting Credit Report Errors

Many consumers are very busy and trusting, assuming that everything in their credit report is accurate, correct and proper. But that might not be true. An error could lead to higher interest rates or having your credit application rejected for the wrong reason. Consumers must check all three of their credit reports -- each is slightly different.

Once you find an error, document the correct information and make copies. Write a friendly letter to the credit reporting agency discussing the error and what the correct information should be. Consumers can refer to the applicable credit card law and the time period for resolution of the dispute. Send the written certified letter to the credit reporting agency.

The agency must remove the error or prove that you are incorrect within a certain period of time, usually 30 days. Once the error is gone, it cannot be added back onto your report without due notice. The consumer has plenty of power to clean up credit report errors.

About Credit Card Chaser:

Credit Card Chaser is an authority credit card site that offers innovative comparison tools, reviews, calculators, and reports to help consumers find the best credit card for them.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, will discuss how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team a...
A completely new computing platform is on the horizon. They’re called Microservers by some, ARM Servers by others, and sometimes even ARM-based Servers. No matter what you call them, Microservers will have a huge impact on the data center and on server computing in general. Although few people are familiar with Microservers today, their impact will be felt very soon. This is a new category of computing platform that is available today and is predicted to have triple-digit growth rates for some ...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Governments around the world are adopting Safe Harbor privacy provisions to protect customer data from leaving sovereign territories. Increasingly, global companies are required to create new instances of their server clusters in multiple countries to keep abreast of these new Safe Harbor laws. Is it worth it? In his session at 19th Cloud Expo, Adam Rogers, Managing Director of Anexia, Inc., will discuss how to keep your data legal and still stay in business.
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
Successful transition from traditional IT to cloud computing requires three key ingredients: an IT architecture that allows companies to extend their internal best practices to the cloud, a cost point that allows economies of scale, and automated processes that manage risk exposure and maintain regulatory compliance with industry regulations (FFIEC, PCI-DSS, HIPAA, FISMA). The unique combination of VMware, the IBM Cloud, and Cloud Raxak, a 2016 Gartner Cool Vendor in IT Automation, provides a co...
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
SYS-CON Events announced today that MathFreeOn will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MathFreeOn is Software as a Service (SaaS) used in Engineering and Math education. Write scripts and solve math problems online. MathFreeOn provides online courses for beginners or amateurs who have difficulties in writing scripts. In accordance with various mathematical topics, there are more tha...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm ...