Many of us are not informed what our rights as consumers are. That’s why not many of us get to file consumer credit claims because we never know when our rights have been violated. Since almost everyone is buying through credit, we ought to know different provisions from laws that involve consumer and their credit powers. There are laws like the Fair Credit Reporting Act that ensure the accuracy and privacy of our credit reports. Our credit reports are very important because it is our ticket to getting more chances of credit approval from various lenders. We have to maintain its accuracy and make sure that they have not been tampered by various credit reporting agencies or the credit companies themselves.
Under the Fair Credit Reporting Act, you will be able to dispute inaccurate information about you against the consumer reporting agency. Each complaint must be investigated by the agency by giving the furnisher, which is usually the lender, proof that you have submitted that will indicate that the information was erroneous. Lenders have to review their findings and take the evidence into consideration and report back to the agency. The inaccurate information, when proven true, will have to be corrected within 30 days after the consumers file the dispute. Any lender or financial institution giving wrong and negative information about the customer must provide written notice to the customer within 30 days as well.
Customers can dispute inaccurate information with the lender which provided the information to the reporting agency. If you dispute the information with your lender, a notice will be attached to their own report which they submit to the reporting agency. When the information furnished by the lender about your credit is inaccurate or incomplete, lenders will have to provide the right information to the reporting agency. These and more are your rights as consumers so when you feel like they have been violated, you can ask help from people who specialize in ppi and consumer credit claims.