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The federal government enacted the Fair Credit Reporting Act on April 25, 1971, to protect consumers against the reporting of inaccurate, misleading, or obsolete information. Lawmakers designed the law to ensure that consumer-reporting agencies operate in a responsible and equitable manner.

The FCRA provides a list of rights and procedures that will assist you in clearing away negative remarks and reestablishing your creditworthiness – regardless of your previous credit history. By understanding your rights and using the law to your advantage, it’s possible to remove bankruptcy, judgments, late payments, collection accounts, charge-offs, and other negative information from your files permanently.

The first step is to obtain copies of your credit reports from each of the major credit bureaus. You can find the address of your local credit bureau in the yellow pages under “Credit-Reporting Agencies.” If you have been denied credit within the past 60 days, you can obtain a free copy of your report by enclosing a photocopy of the denial letter along with your request. Be sure to include your full name, date of birth, Social Security number, and addresses for the past five years. If you have not been denied credit within the last 60 days, you may purchase a copy of your report from each credit bureau. In California, for example, the cost for a copy of your report is $8 from each of the major bureaus. The cost may vary in other states.

In addition, you can also visit credit bureaus in person and ask to review your file. Call the bureau in question and ask to make an appointment. Then, present the proper identification and pay the fee necessary. You can also be accompanied by one of the person you choose if you wish to do so. The law gives you this right.

Alternatively, of course, you can request you be sent a report by mail. If you do, you should get your copy in about three weeks. Along with the copy of the report, you should also receive an explanation of the various abbreviations and codes used on the report. The Fair Credit Reporting Act states that you have the right to challenge any remark or information on your report that is incomplete or inaccurate, to your knowledge. These items have to be investigated within what’s called a “reasonable amount of time,” which is usually deemed to be 30 days. If the bureau in question finds that the information you’re challenging is incorrect, obsolete, can’t be verified, or is inaccurate, it must be removed or rectified so that it’s accurate.

If the bureau you’re dealing with does not respond to your initial dispute communication in a reasonable amount of time, you can follow up with another letter. In that letter, demand that the bureau response to your dispute investigation request immediately, or you will have to take legal action. Then, wait about two weeks so that they have time to meet your request, and make sure you keep files of all correspondence you have written during this time and in your dealings with them.

If the credit bureau(s) still persist in refusing to investigate your legitimate dispute (thus violating your rights), you can send them a final letter demanding that they take action. When you do this, this time, send copies of your letter, including a copy of your original request, to the Federal Trade Commission and your local attorney general’s office.

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