Welcome!

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
"There is a huge interest in Kubernetes. People are now starting to use Kubernetes and implement it," stated Sebastian Scheele, co-founder of Loodse, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, John Jelinek IV, a web developer at Linux Academy, will discuss why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
Providing secure, mobile access to sensitive data sets is a critical element in realizing the full potential of cloud computing. However, large data caches remain inaccessible to edge devices for reasons of security, size, format or limited viewing capabilities. Medical imaging, computer aided design and seismic interpretation are just a few examples of industries facing this challenge. Rather than fighting for incremental gains by pulling these datasets to edge devices, we need to embrace the i...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walked through how Octob...
In his session at DevOps Summit, Tapabrata Pal, Director of Enterprise Architecture at Capital One, will tell a story about how Capital One has embraced Agile and DevOps Security practices across the Enterprise – driven by Enterprise Architecture; bringing in Development, Operations and Information Security organizations together. Capital Ones DevOpsSec practice is based upon three "pillars" – Shift-Left, Automate Everything, Dashboard Everything. Within about three years, from 100% waterfall, C...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
SYS-CON Events announced today that Catchpoint, a leading digital experience intelligence company, has been named “Silver Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Catchpoint Systems is a leading Digital Performance Analytics company that provides unparalleled insight into your customer-critical services to help you consistently deliver an amazing customer experience. Designed for digital business, C...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...