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Fair Credit Reporting Act(FCRA) The FCRA is designed to promote accuracy and ensure privacy of any information used in consumer reports. Recent amendments to the Act expand your rights and place additional requirements on CRAs. Businesses that supply information about you to CRAs and those that use consumer reports also have new responsibilities under the law. Under the law: - CRAs must reinvestigate items in question-usually within 30 days- unless they consider your dispute frivolous. - Disputed information that cannot be verified must be deleted from your file. - If you request, the CRA must send notice of any correction to anyone who received your report in the past 6 months. Credit Repair Organization Act Under the law, credit repair companies cannot: - Make false claims about their service. - Charge you until they have completed the promised service. - Perform any service until they have your signature on a contract and have completed a three day waiting period. During this time you may cancel without paying any fees. Advanced fee loan Scam. This is a scam in which a "creditor" guarantee you a loan if you pay an advanced fee. The truth is legitimate creditors NEVER guarantees in advance. In many of these cases they simply take your money and run. Credit Repair Scam There are many types of these scams out there; the best way to spot them is through their false claims. For example they might say, "We can erase your bad credit - 100% guaranteed," or "create a new credit identity - legally." Because these are fraudulent claims they are in direct violation of the Credit Repair Organization Act. Where should I report violations of any law? To file a complaint, or to get free information on any of 150 consumer topics, call toll free, 1-877-FTC-HELP (1-877-382-4357), or use the complaint form at www.ftc.gov. |
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