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June 25, 2001
By
Mindy Gratwicke
Website:
http://www.1st-choice-credit-cards.com
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Find out more about the fair credit report act
The fair credit report act or the FCRA gives consumers a tool for insuring that information contained in their reports is accurate. The fair credit report act states that Credit bureaus, the agencies that generate credit reports, are obliged to fix all mistakes within 30 days of being brought to their attention. Which, then the consumer must receive the results within 5 days after completion of investigation.
The fair credit report act also states that you are entitled to a free copy of you report a year if you certify in writing that:
(1) you’re unemployed and plan to look for a job within 60 days,
(2) you’re on welfare,
(3) your report is inaccurate because of fraud. Otherwise, a CRA may charge you up to $8.50 for a copy of your report. Also, in general credit bureaus can only report bad credit information for up to 7 years, but there is some exceptions:
(1) bankruptcy can be report up to 10 years,
(2) information in response to application with a salary of $75,000 or more has no limit,
(3) information on an application for more than $150,000 worth of credit or life insurance has no time limit in the bureau.
For more information on the fair credit report act, type in “fair credit report act” in your favourite browser for all the best choices on-line.
For
more information on fair credit report act - click here!
> About The Author:Mindy Gratwicke is a successful author and the
publisher of http://www.1st-choice-credit-cards.com. A one-stop resource on on-line credit reports, credit rating, and report repair. *Webmasters,
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