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Knowing the Law and your Credit Report

By Karen Anderson
Published: Wednesday, January 20th, 2010

The numerous numbers of constraints, laws and implications that credit bureaus impose unconsciously on the credit account holders through its bylaws can make movements in the credit business difficult. Luckily, credit repair companies and credit experts compensate for these constraints through credit report tips.

These credit report tips enable credit account holders to discover innovative ways to make use of helpful tactics that can make the process of dealing with credit reports and credit scores a lot easier. But behind the hope that credit report tips bring to credit account holders, there are problems that may pose greater and even irreparable damages on the credit account holders’ part. These problems may come in both ends, but it can be said that the credit account holder is the one who sustains the greater amount of damage.

As said before, problems in credit scores and credit reports may come from both ends of the credit assessment field, both credit account holders and credit bureaus. Credit report tips try to protect the interests of the credit account holders by giving precautionary measures that the holders can use to avoid being involved in such problems. The best practiced credit report tips are even ratified into the law and were made legal and binding to further improve the existing credit assessment system. 

The Fair Credit Reporting Act or FCRA is the pioneer of these laws. It has started the legal and technical protective measures that credit account holders can use. Unfortunately, many people are ignorant about the rights that laws such as FCRA offer them. These individuals are down played neither by the lending companies nor credit bureaus; they are downplaying themselves. In these situations, credit account holders are allowing themselves to be denied from the protection that the law can give to them. The sad part is that the do not want to be denied from their rights; they are simply ignorant about them.

The Fair Credit Reporting Act or FCRA offers many legal protections for the borrowers such as, permission, disputing, and access. Credit account holders in this law are given the right to grant permission in the access of their credit reports and credit scores. The situations where personal information is made too available can be prevented. This law only recognizes eight legal situations and causations for the access of credit reports and credit scores. Ironically, people and parties who are not included in these permissible situations are still gaining access on credit reports. Credit report tips on privacy and limiting inquiries can be added up to prove the importance of this provision.

FCRA also grants the right to dispute any information that the credit report recipient deems to be inaccurate or wrong. The recipient is given enough time to find ways of improving his or her credit report through disputing. And lastly, under the FCRA individuals are supposed to be given three credit reports and three credit scores from the top three credit bureaus.

The credit report tips on becoming knowledgeable can be improved by comparing across these three credit bureaus. It is pretty much obvious, that fighting from being downplayed is made a lot easier. However, mastering the weapons and tools you can use, like credit report tips, in the struggle of becoming credit worthy are vital and must.

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