Being turned down for credit, loans, employments, housing opportunities, and credit cards can be frustrating. However, many United States citizens suffer from this problem as their credit file shows inaccurate information. Nevertheless, you should not forget that the credit information reflects your financial stability and payment history, if you find anything that is inaccurate or a mistake in your credit report, you can dispute it and get it removed from the report.
Any negative point can stay at the most for 7 years in your report, except for the bankruptcy details, which stay on your credit file for 10 years. While the federal government has supplied the maximum time limit for the negative items to appear on your report, it did not mention a lower limit.
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The United States Congress enacted a federal statute, the Fair Credit Reporting Act, in 1970. This statute was enacted to protect consumers and their rights related to credit. FCRA was also set up to regulate and oversee the practices of the bodies and entities providing information to credit reporting bureaus. FCRA makes a provision for the consumer to file a claim against any negative items reflected in the report, and sue the credit reporting agencies, debt collectors, or creditors whosoever has supplied incorrect information on your credit score.
Now, where exactly do credit law firms come in picture? No doubt the FCRA has empowered an individual to dispute an incorrect credit file item. However, the credit bureaus make it difficult for you as an individual to make a legal claim disputing any incorrect credit file entry. The only reason for this is that the credit bureaus are private businesses, which charge you money to issue you your credit score. However, if you dispute over an incorrect item on the credit report, the bureaus have to investigate the entry and this runs them in expenditures. Bureaus are least interested in taking your claims and disputes seriously, just to avoid the expenditures, which otherwise can be their profit.
Credit law firms have expert credit lawyers associated with it and hence, such firms can come to your rescue from the frustrating procedure of disputing with the bureaus. A little known fact is that the congress has empowered the credit bureaus to verify the validity of any consumer dispute claim. As investigating any disputes, considering it valid, is not in the financial interests of a credit bureau, it deems almost every dispute as invalid. Hence, an individual may be forced to hire a credit law firm and retain a lawyer to make certain that your credit report reflects correct information, by removing the incorrect entries through disputing. A lawyer will also ensure that none of the rights that you are entitled to under the FCRA, are violated.
Facing problems and facing credit report errors can be disturbing. However, individuals can dispute the incorrect credit report entries and more surprisingly almost 80% of the disputes are correct and are mistakes on the part of bureaus reporting them.
Credit law firms can help you, in your credit problems through an expert credit lawyer, who has excelled in consumer credit laws. It is one of the specialized types of lawyers, who ensures that your credit report is fixed and your rights recovered, if they are violated.
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