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Americans have a problem with instant gratification that leads them ever farther into debt. However, sometimes the debt that is reported to the credit agency isn’t theirs. The instant gratification along with easily obtainable information on other people creates a situation where identity theft becomes a big underground business. A problem results when the credit reporting agencies make you responsible for someone else’s debt. A person, who becomes unemployed, is on welfare or is a victim of fraud may get a free copy of their credit report. The Credit Reporting Agencies are obligated to send you this information and they have been relatively accurate in doing so. However, since these agencies are not designed to protect your rights they sometimes leave you in the lurch. Under the law credit reporting agencies as well as the creditor must provide accurate information about you. In many cases these credit reporting agencies have shirked their responsibilities by trying to force you to go to the creditor without verifying the information provided. They do this to cut back on costs and to limit people making them accountable. The credit agency and the creditor have responsibilities to reinvestigate your information upon request every 30 days. However, these credit reporting agencies often send back form letters stating that your claim is frivolous and fail to do any further investigations. This is a violation of the Act. Once the investigation is completed the credit reporting agency must give you a written report as to what has been done. Trying to get a report showing what they have investigated or which items were investigated can be nearly impossible. Usually they just run your social security number and claim that they have conducted an investigation. It doesn’t solve any problems of identity theft. Information that you cannot get off your credit report can stay on the report for 7 years after the event took place. Determining when the event took place can be a problem with revolving accounts but generally they are the last action taken by the company so that it can stay on the report longer. If your credit report agencies simply refuse to handle your issues and ensure accuracy then you can call the Federal Trade Commission at 1-877-FTC-Help or their online help form at https://rn.ftc.gov/pls/dod/ They may be able to help you to force the credit agency to make your information accurate. The key to getting information off of your report is to be diligent. Sometimes it can take up to a year to make the credit reporting agencies to comply with the Fair Credit Reporting Act. You must remember that your credit report is only business to them but it is your livelihood because it can affect your job opportunities, your bills and even your safety. Murad Ali is a three time published book author, a business owner, a human resource professional and a business professor. (business articles) http://www.thenewbusinessworld.blogspot.com (business & author marketing) http://www.article-agent.org (free author database) http://www.article-agent.net
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compliance, credit report agencies, law,
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