Thinking to repair your bad credit by yourself? Well, congratulations! You can very well do this. But, before starting out, we would recommend you to know your credit repair rights here. Becoming familiar with these laws will be helpful as these are the major weapons that you can use against your creditors and collectors. And, don’t worry; you need not attend any law school to become familiar with these regulations. Just, keep reading…
Federal Credit Reporting Act (FCRA):According to this law, you must be informed if anything in your report has been used against you. In simple terms, you have all the rights to know what’s in your file and to ask for your credit score. This law also gives you the right to dispute any incomplete/inaccurate information. Also, it’s to be noted that the consumer reporting agencies should not report any outdated negative information against you. If any inaccurate/incomplete/unverifiable information is present in your file, then these agencies should correct/remove it.
Credit Repair Organizations Act (CROA):This act is found to be prohibiting any untrue or misleading representations in the credit file and hence, would require specific affirmative disclosures in offering/sale of “credit repair services”. Also, this act is preventing the companies those that are offering credit repair services from asking advance payment from the clients. Also, this act requires all repair contracts to be in writing format and provides the consumers with some contract cancellation rights.
Fair Debt Collection Practices Act (FDCPA):This act was launched primarily to prevent any abusive, deceptive, or unfair practices in debt collection. This way, this act is found to be protecting reputable debt collectors from unethical competition and motivates the constant state action to save consumers from abuses during debt collection.
Before going to improve your credit score by yourself, we would advise you to go for one free consultation from us. This way, you would get to know what should be done and what mistakes should be avoided during the credit build process.