By Pablo
No one has to pay for credit repair. There is nothing that a credit repair company can do that you can’t do yourself. The following text is a copy of the disclosure required under the Credit Repair Organizations Act (CROA). No one should be paying for credit repair.
You have the right to dispute inaccurate information in your credit report by contacting the credit bureau directly. However, neither you nor any other credit repair company or credit repair organization has the right to have accurate, current and verifiable information removed from your credit report. The credit bureau must remove accurate, negative information from your report only if it is over seven years old. Bankruptcy information can be reported for 10 years.
You have the right to obtain a copy of your credit report from the credit bureau. You may be charged a reasonable fee. There is no fee, however if you have been turned down for credit, employment, insurance or rental dwelling because of information in your credit report within the preceding sixty days. The credit bureau must provide someone to help you interpret the information in your credit file. You are entitled to receive a free copy of your credit report if you are unemployed and intend to apply for employment in the next sixty days, if you are a recipient of public welfare assistance or if you have reason to believe there is inaccurate information in your credit report due to fraud.
You have the right to sue a credit repair organization that violates the Credit Repair Organizations Act. This law prohibits deceptive practices by credit repair organizations.
You have the right to cancel your contract with any credit repair organization for any reason within three business days of the date you signed it.
Credit bureaus are required to follow reasonable procedures to ensure that information they report is accurate. However, mistakes may occur.
You may on your own, notify a credit bureau in writing that you dispute the accuracy of information in your credit file. The credit bureau must then reinvestigate and modify or remove inaccurate or incomplete information. The credit bureau may not charge any fee for this service. Any pertinent information and copies of all documents you have concerning any error should be given to the credit bureau.
If the credit bureau’s investigation does not resolve a dispute to your satisfaction, you may send a brief statement to the credit bureau explaining why you think the record is inaccurate. 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 BranchFederal Trade CommissionWashington, D.C. 20580
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