The Fair Credit Reporting Act (FCRA)

Fair Credit Reporting Act is a federal law that regulates the collection of consumers’ credit information on their credit reports. The Fair Debt Collection Practices Act contains laws that outline the guidelines that must be followed by collection agencies that are attempting to collect money from you. Later you will notice in the sample letters that we focus on Section 807 of the FDCPA.

Most Common Creditor Violations: 

1. Discuss your alleged debt with a third party (employer or friend, etc.)
2. Give misleading information regarding the amount you owe
3. Call you before 8am or after 9pm (your time, not theirs)
4. Misrepresent information regarding the alleged debt to a credit bureau
5. Threaten you with wage garnishments or selling your property

Reasons for Dispute: 

• Incorrect balance
• Not your account
• Inaccurate “Status”
• Missing or incorrect dates
• Never paid late
• Account outside statute of limitations
• Incorrect or missing limit
• Actual balance lower than high balance
• Late payments showing after account closed

Here are some of the reasons for challenging an account:

• Inaccurate account open date
• Inaccurate date of 1st delinquency
• Incomplete or inaccurate account number
• Date of last activity inaccurate (this date is important as it is used to determine when the 7-year statute of limitations begins)
• Incorrect account type
• Charge off listed as open account or collection status
• Late payments showing on collection
• Limit showing on a collection account (not possible)

Link: This is the government’s mission statement for the law. 

As Always… In case you haven’t yet, here’s how you get started.

Step 1:

Tap or click here to get your $1 credit report.

We’ll need it to do your credit analysis.

Note:

This is for a $1 seven day trial.

You can cancel it in the first seven days if you want, but we need this as a first step, in order to help you.

Step 2:

You will get a login and password for IdentityIQ, when you set up your $1 trial.

Go to this page on TheCreditMovement.com.

Share your username/password for IdentityIQ in the form on the page.

We are here to help you buy a home. We will introduce you to a lender once you will qualify for the loan you want.

So, remember…

The Fair Credit Reporting Act (FCRA) is a federal law that regulates the collection of consumers’ credit information on their credit reports.