All About The Consumer Credit ReportThe American federal law called The Fair Credit Reporting Act (FCRA) is the department where this consumer credit information is handled and regulated. Information about you, for use in evaluating your credit and many other issues as well are researched by Consumer credit report agencies They hold the consumer's credit report in their databases. Responsibilities under FCRA, includes: a. Allowing information the agency is holding on you in files to be seen by you. b. Verify to you that the information being held on you is correct. According to the Fair and Accurate Credit Transactions Act (FACTA), there was an amendment passed, I believe in 2003, to the Fair Credit Reporting Act which would make available for you to be able to get one free Consumer credit report yearly. The reports are free and can be obtained by authorized websites of the government. The mail and telephone can also be used. From my understanding, information that has been proven negative and taken off of your consumer credit report, any attempts to reinsert this information may not occur without letting you know, on paper. I believe within five days of the attempt. There is a seven year period I believe, that negative information can or should remain in your files by the Consumer credit report agencies. TransUnion, Equifax and Experian are well established Consumer credit report agencies. They do not work in harmony with information that is in dispute about a credit file. Like Equifax in Texas, some have outside agencies where you would have to go, to make a compliant about information in dispute. These companies are not the only ones that provide information.You got the third party collectors, like collection agencies, municipal courts judgment reports or state courts judgment reports. Consumer reports from former or present employers. Accurate and complete information is required of them concerning the consumer credit reports they give to these credit rating agencies. Responsibility for investigating information that's in dispute rest on these companies and they're required to show proof that the information presented is in fact accurate. If not, they are required to correct the error, I believe they are given about ninety days to take action upon notice of this compliant. You should be made aware of information that's negative, and is about to be file or already has been filed on a consumer credit report somewhere within thirty days. Notice does not have to be solely about the negative information,it could be within a monthly statement. Consumer credit report agencies should let you know if a negative reaction has taken place against you because of information they may have provided. Users of this information has to inform you of the information used to help them in reaching a decision concerning you, and also the provider of that information giving you an opportunity to verify or deny the report. As a result of these findings, (FACTA) Fair and Accurate Credit Transactions Act has open doors allowing you to see the information on you and to contest it if you may. Willful or negligent violations of the Fair Credit Reporting Act ( FCRA ) can incur Civil liabilities. The Office of the Comptroller of the Currency (OCC) and The Federal Trade Commission (FTC) are the two bodies of government that are responsible for the negligent or management of those providing consumer credit report data to the credit bureaus . In reference to the credit bureaus, the(OCC) regulates, supervises and charters, all national banks regarding data they provide to them. For the consumer credit reports, the (FTC) oversees the consumer credit bureaus. Equifax, Innovis, Experian and Transunion, these are the four major consumer credit information collectors in the U.S. They are not affiliated with the government. Their purpose is to make a profit, each with its own profitable goals. Together they have formulated a trade organization known as the Consumer Data Industry Association (CDIA). The (CDIA) lobbies for these four major consumer credit report collectors and put into place a standard for reporting. These are not the only ones collecting information on you, there are many more, and much more to learn about your credit reports. To learn more and get more data in reference to your consumer report, look for greater details in depth for data from these agencies. Click here for some extra help.
|