The content is accurate at the time of publication and is subject to change.

Every single person has a problem with their credit scores one way or another. This is just an inevitable fact of life and it stands to reason that things may not always go according to your plan. You can however know everything you should about the fair credit reporting act which will allow you to make the right decisions. You just need to take the time out to understand the legal implications of this law and you will be able to make your decisions without any problem. Credit bureaus are bound by the rules of this law and it pays for the consumer to know what it entails.

When a consumer wants to challenge the information on the credit report and wish to investigate a dispute, they have to begin by challenging the information on it. This procedure has to be completed within a set time frame making things easier on the consumer. There is a 30 day period according to the fair credit reporting act within which all the disputes must be settled. If a certain information under dispute is found to incorrect or cannot be verified it must be deleted from the credit report immediately. When you are disputing the information on a credit report, you have to have valid reasons for it. Things like a divorce, death, health problems or family dispute cannot be reasons for it. You can only dispute it if it is an old entry or if it is incorrect.

It is a real fact that most of the time consumers end up having errors on their credit reports. Fair credit reporting act protects the consumers from such instances but invoking it is not very simple or easy. This is just to prevent people from misusing this privilege when they cannot pay up their debts. You must understand that you have to clear all the negative credit you have on your report before applying for loans. This will help you be eligible for a better interest rate on them. Even insurance gets affected by the kind of credit scores you have. This is why it becomes very important to be careful about how you use the credit card and how you plan things out. You can decide to use the fair credit reporting act to clear up any information that is incorrect or you can get professional help in doing this. Either ways, planning things carefully is extremely important.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.