Fortunately for you, decades ago Congress recognized that the credit reporting system needed an overhaul. The practices of the credit bureaus and the creditors using the credit reports they provided were abhorrent. American consumers were being taken advantage of by a system they had no way of influencing and no way of keeping in check.
To counter this, Congress enacted the Fair Credit Reporting Act which with its subsequent revisions has become the keystone for constructing your credit rights. It is because of the Fair Credit Reporting Act that you have the right to see what is being reported on your credit reports and to dispute the negative items they contain.
Along with the Fair Credit Reporting Act, there are a few other consumer protection laws that give consumers certain rights when it comes to working with the creditors and collections agencies who report to the credit bureaus. By taking advantage of their rights under each of these statutes, consumers have been able to successfully repair their credit.
Fair Credit Reporting Act
The Fair Credit Reporting Act is what got credit repair started. Because of this act, you have the right to see your credit reports and to dispute bad credit directly with the credit bureaus.
Fair Debt Collection Practices Act
Along with protecting your against abusive behavior from collectors such as contacting you at unusual hours, screaming at you, using profanity, misrepresenting their identity, or using violence in an effort to collect a debt, the Fair Debt Collections Practices Act gives you powerful debt validation tools that give you the right to challenge any debt.
Fair Credit Billing Act
Similar to how the Fair Debt Collection Practices Act governs collections agencies, the Fair Credit Billing Act give you the right to dispute negative credit directly with your original creditors in order to change the way they are reporting your account to the credit bureaus.
Credit Repair Organizations Act
With all the laws surrounding credit repair, it can be overwhelming for a newcomer to try repairing their credit. Fortunately, there are legal credit repair companies who help consumers work towards a fair and accurate credit score. These credit repair companies are regulated by the Credit Repair Organizations Act which helps prevent consumers from becoming a victim of a credit repair scam.
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