Even Legitimate Debt Can Be Removed From Your Credit Report.
In today’s episode were going to go over the nine most common Fair Credit Reporting Act violations and how you can use those violations to have things removed from your credit report even if they are legitimate debt.
The nine categories of the most common violations of the FCRA are:
- Furnishing and reporting inaccurate information
- Furnishing and reporting old information
- Having mixed files
- Failing to follow debt dispute procedures
- Debt dispute violations by Credit Reporting Agencies, (CRAs)
- Debt dispute violations by creditors
- Privacy violations
- Illegal credit report requests
- Withholding notices
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What is the Fair Credit Reporting Act?
The fair credit reporting act is part of a larger law called the Consumer Credit Protection Act. It was passed in 1970 and in general, it provides protection against either misuse or misreporting of your credit information. Mostly, it’s all about what happens when creditors, collectors, or credit reporting agencies make mistakes. See you guys already know it if there’s an error on your credit report and its negative it’s going to cause a lower credit score which can cause denial of credit higher interest rates on loans and credit extensions and and more. It’s important for you know when the FCRA has been violated so that you can take action, and get those negative marks removed from your credit report.
In a nutshell if CRA governs the behavior of the credit reporting agencies, the credit bureaus. It also governs the behavior of businesses that report information to the credit bureaus.
What this means to you is that if a credit reporting agency has committed a violation or a creditor or debt collector has committed a violation that shows up on your credit report many times even if the debt is legitimate debt because of that violation you can have that account removed from the report.
Furnishing and Reporting Inaccurate Information
Neither a creditor, a debt collector, or the CRA itself can put information in the credit report that they know or at least should know that is inaccurate. This includes but is not limited to
- Reporting a debt incorrectly like when it’s been paid in full but they listed as charged-off.
- Misstating the balance
- Reporting late payments that you paid on time
- Listing you as the debtor when you were only an authorized user
- Supplying credit information on an account where identity theft has happened