The consumer credit file rights is part of the fair credit reporting act and works with the credit repair organizations act to ensure consumers are treated fairly and they are known of their rights before dealing with companies that work to repair their credit.
Being part of the fair credit reporting act it also serves to make sure that the credit reporting agencies
that handle this customer information in these files, do so in a way
that is fair and gives those customers a way to resolve errors and
discrepancies in their file.
If you have a contract with a credit repair company or any company that requires a copy of your credit report to make some sort of decision about you, or offer any services in regard with your credit information, the following is an example of the kind of disclosure they are required to have you examine and sign before any contract or service can be initiated.
What the file states
consumer credit file rights states that you have a right to dispute
inaccurate information in your credit report by contacting the credit
neither you nor a credit repair company or credit repair organization
has the right to have accurate, current and verifiable information
removed from your credit report.
Yet this is the action most credit repair companies focus in on. Disputing ALL negative information hoping that the creditor cannot verify it's information.
The credit bureau must remove accurate, negative information from your report only if it is over 7 years old.
Bankruptcy information can be reported up to 10 years.
These are items that should be disputed if they remain on your report.
You have a right to obtain a copy of your credit report from a credit bureau.
You are entitled to receive a free copy of your credit report
your rights under this law
The credit bureau may not charge any fee for this service.
If the credit bureaus' reinvestigation does not resolve the dispute to your satisfaction,
The credit bureau must include a summary of your statement about disputed information with any report it issues about you.
The Federal Trade Commission regulates credit bureaus and credit repair organizations.
For more information contact: The Public Reference Branch Federal Trade Commission , Washington,D.C. 20580
If you have been handed these rights as a disclosure;
then this document should read:
I acknowledge that I have received a copy of Consumer Credit File Rights and I agree that I understand these rights.
signature and date line
You should receive a copy of this signed document for your files.
Many companies especially those offering credit monitoring services just add a link so the consumer may view the consumer credit file rights and therefore complying with the legal requirement to make these known.