![]() Randy Padawer, Ph.D. INSIDER ARTICLES Credit Bureaus & Reports Credit Score Victims 3 Laws of Credit Repair |
PsychDoc's Credit Insider Guide to THREE LAWS OF CREDIT REPAIR There is more to credit than the Fair Credit Reporting Act. Legal basis: the FCRA. Legal basis: the FDCPA. Legal basis: the FCBA. A repair outline. Legal basis: the FCRA.Legal basis: the FCRA. The Fair Credit Reporting Act is where credit report repair begins. Unfortunately, as I suggested before, some so-called credit repair organizations believe this is where it ends as well.Overly quoted but equally underutilized, the FCRA regulates how credit reporting agencies (in plain talk, the "credit bureaus") treat consumers. Before this law was enacted and fully implemented in the early 1970s, such bureaus were essentially unregulated and could do just about whatever they wanted. During the pre-FCRA days, for example, one of the nation's oldest credit bureaus routinely contracted with commercial "greeters," whose representatives would knock on a new neighbor's door, make careful notes about their ethnicity, whether anyone smelled of alcohol, whether the family appeared sufficiently employed, subjective notes about perceived stability, and other such things. Following a hearty welcome, a quicker goodbye, and a basket of coupons, such greeters would then write up a little report and send it back to the grand old company. Needless to say, such methods were outlawed by the FCRA, and race, religion, and subjective personal observations could no longer be included within ones credit bureau file. Moreover, consumers were finally allowed access to their credit reports, which up until the FCRA was enacted were practically never disclosed to ordinary citizens who might otherwise suffer financial consequences for decades due to incorrect and unfair information within those secret files. FCRA overview:
If some of this is beginning to seem complicated, don't despair. There are experts who can assist. Moreover, a quick Google search (yes, I do enjoy uncompensated commercial plugs) will reveal several discussion boards where consumer law junkies stand ready to answer questions. Unfortunately, this is only a pamphlet, and other Federal statutes beckon. Next > Legal basis: the FDCPA. |
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