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What are your Reporting Rights?

By Derek Brown
Published: Thursday, March 31st, 2011

Due of technology, your annual credit report can be finally viewed through the Internet. You can also be informed of your credit status. Just think of it! You would be able to cut down time, energy and money all in just one click of the button! Every credit consumer has the right to have a copy of his or her rating. This is stated in the Fair Credit Reporting Act that gives protection to the borrowers from any erroneous details. A rating filled with errors is not a good jump start in achieving a high score.

If you’re a credit consumer, you must know how relevant reporting is in your life. Reporting is the basis of your score. Your score is a product of how well you manage your finances. A helpful tip in managing your score is knowing the provisions of the Fair Credit Reporting Act. This gives you a rundown of your limitations and privileges in borrowing and other lending transactions you will encounter in the future.

Fairness, accuracy and privacy are the values that the FCRA hold onto. Ratings can be acquired by anyone – as long as they can pay. It is the duty of report agencies to provide accurate information and as much as possible to avoid any form of error. Lastly, private pieces of information must be held confidential to avoid identity theft and to gain trust from consumers. For any violations of this Act, contact the three huge consumer reporting companies. They are readily available through the Internet.

Besides protecting their consumers, report companies have to allow access of a view rating for anyone interested. Contacting them through e-mail may be fine, but get in touch with them as well through their toll-free telephone number and a mailing address. Just provide your Social Security number and other important personal information in order to avail your report.

Consumer reporting is backed up with your rights. It is the right to inquire and to ask for advice on how to build a good score for the year. It also gives you the freedom of informing the bureaus about errors in a form of a dispute letter. Remember though, dispute letters are only for consumers with erroneous ratings and not for those filled with negative information.

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