The Fair Credit Reporting Act is a federal initiative that protects the rights of Florida citizens when it comes to consumer credit transactions and credit reporting, according to the Florida Department of Agriculture and Consumer Services.
Free Credit Reports
Starting in June 2005, the Fair Credit Reporting Act enabled Florida citizens to get one free copy of their credit reports from each bureau annually, according to the state Department of Agriculture and Consumer Services.
Disputing Errors
If you review your credit reports and see errors such as incorrect address information, late payments that really didn't happen or accounts you did not open, you have the right to dispute that information, notes both the Florida Department of Agriculture and Consumer Services and the Federal Trade Commission. The FTC advises Floridians to make any disputes in writing and to send them through a traceable mailing method.
Time Frame
Under the Fair Credit Reporting Act, negative information such as missed payments are noted on your credit profile for seven years from the date of the activity, according to Experian. Some situations, like Chapter 7 bankruptcy, can be legally reported for up to 10 years, according to the United States Bankruptcy Court, Middle District of Florida.
(References 3 and 4)
0 comments:
Post a Comment