5 Credit Rights You Need To Know

By Author: Elliot Spalding
Total Articles: 14
Comment this article

If you want to be a responsible consumer you need to know your credit rights. There are five main rights given to consumers by the Fair Credit Reporting Act.

First, you have the right to dispute errors on your credit report. Chances are you have errors on your credit report. Bankrate.com reports that 70% of credit reports have mistakes on them. If you do review your report and it has errors, you must be given the right to dispute errors. Also, upon dispute, the credit bureau has to get back to you within an expected 30 days. If the item has been disputed in the past, the credit bureau can tell you that it is incontestable and you will have to go another route.

Second, if there is an error you have the right to have it corrected. Any misrepresentation on your credit report can cause your credit worthiness to be less, costing you money. The consumer must have the right to have these corrected. This gives any creditors a much more accurate picture to you as a consumer.

Third, if there is an item that was not been removed and you still contest it, you can add a statement to your credit report. ...
... This is a 100 word statement of your side of the story. This will not be counted towards your credit score, but it is there for whom ever to read it.

Fourth, if you have disputed any items on your credit report, the bureau must provide you with a written response. It is a detailed finding of their investigation. Furthermore, if the item was removed, they must provide you with a new free credit report.

Five, you have the right to sue as a consumer. This would take place in federal court. This is to be used if any account, creditor, collection agency, or credit bureau violates your other rights. It rarely goes this far, but you can do it if necessary.

Most of your rights from the Fair Credit Reporting Act are to protect your credit report and make sure that it is filled with accurate information. Previous to this, consumer had little control with what was reported about them. You need to use these rights to your advantage. Check your credit report, you will more than likely discover errors and you should have them removed.
If you want to learn more about how to protect your credit report and score, visit Elliot's website. There you will find out what is a good credit score and how to get an excellent credit score