Knowing your credit rights according to the FCRA- Fair Credit Reporting Act is essential if you want to have the best rating possible. You may have negative information on your credit report right now that can be removed or you may have a low credit rating due to a credit card you never opened. You have rights in situations like this and there are steps you can take to ensure your rating and credit history are accurate.
Did you know that seven years is the maximum length negative information can stay on your credit report? For bankruptcies it's ten, but you're within your rights to contact a credit bureau and ask them to remove negative information before the seven years is up. It doesn't mean they will do it, but you're legally allowed to do so.
Your credit rights- as determined by the FCRA- will prove valuable when it comes to dealing with unscrupulous collection agents. If you have received a collection call at work and the collection agent not only identified himself as such to your secretary, but also revealed just how much you owe, he has crossed the line. The FCRA mandates that collection agents are legally prohibited from revealing how much you owe to anyone but you and they cannot call your place of business if you ask them not to. They are not allowed to identify themselves as a collection agent- they can give only their name. Also, collection agents cannot threaten you, or even allude to it, so contact the FCRA for more information regarding this matter if you feel your rights have been violated.
If you've received a phone call from a collection agency you've never even heard of, know your rights! You are allowed to call them and demand information on the account in question. Collection agencies must prove that you owe a debt and if they cannot, all collection activity and any negative reporting must be recalled.
A credit card company must be able to back up their claims, so if you've be told you were late 12 times on a credit card that you say you have only been late on once, call them up. Ask to see your records on this account and also pull up your financial statements. If they are unable to prove you were late that many times, or if you have evidence otherwise, the company is legally required to remove all negative information they reported to the credit bureaus.
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