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Originally passed in almost 40 years ago, the Fair Credit Reporting Act (FCRA) was created to require consumer reporting agencies to operate in a way that is fair and equitable to individual consumers while still fulfilling the needs of lenders, insurance companies and others who use your credit reports. The Act set out to accomplish this by making sure the personal and financial information contained by credit bureaus is accurate, relevant, kept confidential, and only provided to others under specific circumstances. It is the Fair Credit Reporting Act that made possible a consumer's ability to clean up bad credit. The area of the Fair Credit Reporting Act that credit correction primarily focuses on is the accuracy of information. This is the one aspect where the responsibility of ensuring fair credit lies with the consumer. With the other three, it is the credit bureaus that are accountable for what types of information they include in credit reports, how this information is kept secure, and which third parties have access to it. But with the issue of accuracy, the Fair Credit Reporting Act does not force the credit reporting agencies to prove that information is accurate when it is first added to your credit reports. Instead, the Act gives you as a consumer the ability to dispute any questionable information in your credit reports, making it up to you to ensure the information in your credit reports is a fair representation of your credit worthiness. Many people, including some of those who count themselves among this nation's credit experts, miss this concept. They get caught up on the narrow definition of inaccurate reporting and can't see the broader idea of fairness that the Fair Credit Reporting Act is really about. They persist in preching that people are only able to work to remove or correct listings that are patently inaccurate even though modern case law has amended the definition of inaccurate negative items to also include items that are untimely, misleading, incomplete, ambiguous, unverifiable, biased or unclear (collectively known as "questionable" items). Your credit score is based on the information recorded in your credit file. If you do not feel this score is a fair representation of your actual credit worthiness, it is your responsibility to work to correct this. Disputing the questionable negative items with the credit bureaus is the method made available by the Fair Credit Reporting Act for you to enforce your right to fair and accurate credit reporting.
Lexington Law helps clients legally dispute the questionable negative listings in their credit reports as well as providing additional credit repair services extending beyond credit bureau disputes. In 2008, Lexington Law's clients saw over 600,000 negative items removed from their credit reports.
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