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Legal Credit Repair

Is There Such A Thing As Legal Credit Repair?

Despite what some people believe about credit repair, consumers have the legal right to repair their credit. The FCRA (Fair Credit Reporting Act) allows and encourages you to question all information on your credit report; particularly items you think are inaccurate, misleading, or outdated. Not only does the legal credit repair process work for errors but can also help remove negative, yet accurate, information. Rest assured, this credit repair process is perfectly legal. Become familiar with the laws stated in the following acts and you will see just how much protection is provided to you, the consumer.

Legal credit repair and the Fair Credit Reporting Act: the FCRA is also designed to promote fairness and privacy of information. Credit bureaus are not allowed to distribute credit information to anyone who does not have a legitimate purpose for viewing the information. Businesses that furnish information to the bureaus are also regulated by the FCRA and must follow legal procedures such as investigate disputes and ensure all information is complete, accurate, and current. To knowingly list anything that is false in any way is in violation of the FCRA. To continue listing information after it has been verified as inaccurate is also a violation.

Legal credit repair and the Fair Debt Collection Practices Act: the FDCPA protects consumers from abusive or deceptive practices committed by collection companies.

Legal credit repair and the Fair Credit Billing Act: the FCBA is an amendment to the Truth in Lending Act that requires creditors to promptly respond, in writing, to consumer billing complaints and investigate billing errors. Until the investigation is complete, creditors cannot do anything to adversely affect a consumer's credit standing.

Legal credit repair and the Equal Credit Opportunity Act: the ECOA protects the consumer against discrimination based on race, color, religion, national origin, sex, marital status, age, etc. This act also states that creditors must provide reasons why an applicant was denied credit; upon the applicant's request.

Legal credit repair and the Truth in Lending Act: the TLA protects the consumer by mandating all creditors to specify, in writing, terms of finance charges and credit transactions. The act allows for a three-day cancellation on certain credit transactions.

Legal credit repair and the Gramm-Leach-Bliley Act: this act requires financial institutions to protect the privacy of consumer's personal financial information. Privacy policies must be distributed to the institution's customers at a minimum of once a year. The institution must also give the consumer notice and the opportunity to "opt out" if personal financial information is disclosed to a nonaffiliated third party.

Go to the Federal Trade Commission's Website, and click on the consumer section for complete texts of these acts. Remember, these laws allow you to question and initiate a legal investigation of your credit information and repair it where necessary. They do not support you in giving false information or trying to cheat the system. That is considered fraudulent.