The FCRA and Credit Repair

The Fair Credit Reporting Act (FCRA) is the legislation that governs the credit bureaus. The FCRA also provides rules for information furnishers including creditors, collectors, and parties that post to public records. Implementation of FCRA policy is policed by the Federal Trade Commission (FTC). For credit repair purposes some of the most important provisions are included in section 611.

Here is a sample:

611 (a) (1) (A) In general. Subject to subsection (f), if the completeness or accuracy of any item of information contained in a consumer’s file at a consumer reporting agency is disputed by the consumer and the consumer notifies the agency directly, or indirectly through a reseller, of such dispute, the agency shall, free of charge, conduct a reasonable reinvestigation to determine whether the disputed information is inaccurate and record the current status of the disputed information, or delete the item from the file in accordance with paragraph (5), before the end of the 30-day period beginning on the date on which the agency receives the notice of the dispute from the consumer or reseller.

Beyond the Dispute

Beyond the 611 dispute provisions, the FCRA provides a powerful remedy for identity theft and other useful fraud prevention methods including the fraud alert. Used properly these valuable tools can play an important role in your credit repair project.