Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Significance of Fair Credit Reporting Act for Creditors in Today’s World

By Smith Jhonson Subscribe to RSS | March 6th 2012 | Views:
loading
 
  



Owing to the increasing number of credit holders year after year, the credit reporting agencies often commit grievous faults in preparing accurate reports. As a result, some face unending harassments while some get compelled to file cases against the credit bureaus. Owing to these major inconveniences, the US government has brought into action the Fair Credit Reporting Act for making credit holders enjoy certain rights in retrieving information regarding their credit history. In other words, the credit holders will be able to challenge the credit reporting agency in case they find any error in their credit reports.

With the initiation of the Fair Credit Reporting Act, the credit holders will now be permitted to receive details and all such information regarding their credit reports for which they will not be charged a single penny. In fact, they are allowed to place request for having a look at their individual credit reports. Earlier, the agencies used to reject the majority of request applications by creditors for checking one’s credit status. Today, the Fair Credit Reporting Act clearly states that each and every creditor can now check his report anytime he/she wishes.

The General Services Administration has made a rule that a credit reporting agent must inform the creditor all such reasons for denying the latter’s request of looking at his/her credit report. The creditor has every right to confirm whether there is any unpaid debt showing in his/her reports. According to the Fair Credit Reporting Act, credit holders can also be provided free credit reports in case they fail to make the payments demanded by their respective credit bureaus.

However, it should be kept in mind that the request under the Fair Credit Reporting Act for providing a report by the credit reporting agency will only be granted if the reasons are absolutely legitimate. The reasons might either be selling insurance policies, arranging finances for a specific product or employers checking credit history of employees. Even the government organization might ask for credit check for child support obligations as well as for business license provisions. So, if you are one of them working in a credit reporting bureau, you must know everything about the Fair Credit Reporting Act to stay safe.

On the other hand, if you are about to repay debts for which you have been facing unpleasant behaviors from debt collectors, you can take strict actions against that particular debt collection agency as per the Fair Debt Collection Practices Act or FDCPA. In this respect, you can always get in touch with a fair debt collection attorney and take wise suggestions in repaying your debts in time. Make sure you contact a professional fair debt collection attorney so that he can resolve your debt complications with ease.

Smith Jhonson - About Author:
Smith Jhonson is a legal advisor who has good information on fair debt collection attorney. To know more on Fair Credit Reporting Act please visits http://www.consumerlawfirmcenter.com/.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/business-articles/significance-of-fair-credit-reporting-act-for-creditors-in-today-s-world.htm

Related Business Articles Subscribe to RSS

What You Need in a divorce attorney, Northfield, NJ
Published by on November 28th 2011 | Business
When looking for a divorce attorney, Northfield, NJ is a competitive market. There are a lot of lawy...
 
Hire a Zadroga attorney to get justice and rightful compensation
Published by Jennifer Weinstein on January 14th 2012 | Business
The Zadroga attorney helps the victim in getting justified amount of compensation from the faulty pa...
 
What Comes First for Your divorce attorney, Northfield, NJ
Published by on November 28th 2011 | Business
When going through a divorce, the first thing you need to do is contact a divorce attorney, Northfie...
 
Experience Dedicated services of Personal injury attorney Nebraska
Published by Mchenry1 on March 21st 2012 | Business
In such busy life, if you experience any physical injury in some sort of mishappening like accident ...
 
A basic guidance to the fair debt collection act
Published by Smith Jhonson on March 12th 2012 | Business
The fair debt collection act is all about protecting the rights of the creditor and the debtor as we...
 
Zadroga attorney is a life savior for the 9/11 attack victims
Published by Jennifer Weinstein on December 12th 2011 | Business
Zadroga Attorney plays a very important role in helping the sufferers of 9/11 attack in getting a re...
 
Contact social security disability attorney to avail disability benefits
Published by Safinajones on January 12th 2012 | Business
Disability is a curse for people when it cripples life and stops working capacity. In case of emerge...
 
The Importance of Trust with your divorce attorney, Northfield, NJ
Published by on November 25th 2011 | Business
When talking with a divorce attorney, Northfield, NJ it’s important to understand the notion of co...
 
Why do you hire a patent attorney?
Published by Adli Law on April 5th 2012 | Business
If you have realized the imperativeness of the patent attorney, have one of them in your side in ord...
 
Apply for the disability benefits successfully with the help of an attorney
Published by Safinajones on February 29th 2012 | Business
There are a number of disability benefits schemes available with the federal government. Here is a u...
 
Get expert and desired advocacy with online tax attorney
Published by Alen Gray on April 17th 2012 | Business
It can be a shocking moment when you receive a tax letter in the mail; it can be devastating if the ...
 
Take the help of a social security attorney to apply for social security disability benefits
Published by Safinajones on January 6th 2012 | Business
Social security disability benefits is a scheme that is designed to help individuals with disabiliti...
 
Personal injury attorney Lincoln ne is the most trustable lawyer
Published by Mchenry1 on January 31st 2012 | Business
If you probably are a victim of misfortune or accident & are suffering from the injury, then it will...
 
Finding an attorney Tyler, TX
Published by Evans Baliol on November 25th 2011 | Business
The economy is in rough shape, there are no two ways about it. There are people who are doing their ...
 
Why You Should Keep an attorney Tyler, TX Number on Hand
Published by Evans Baliol on November 25th 2011 | Business
You may not need an attorney Tyler, TX right now, but it’s a good idea to have the number of a goo...
 
Personal injury attorney Nebraska services
Published by Mchenry1 on June 13th 2012 | Business
Being offended could be an extremely worrying thing to carry on with, particularly if you endeavor t...
 
Zadroga attorney prove to be the new heroes of the WTC attack
Published by Carl Schmidt on December 14th 2011 | Business
If you are an unfortunate victim of 9/11 toxic attack, engage a reliable Zadroga attorney to take up...
 
Instant solutions by criminal attorney nashville
Published by Formojohni on December 13th 2011 | Business
When we talk about insolvent problems, criminal attorney nashville has one of the highest rates for ...
 
Family law attorney Nebraska: Suggest & defend your judicial rights
Published by Mchenry1 on December 30th 2011 | Business
A family law attorney of Nebraska is a lawyer who addresses legal matters relating to families for e...
 
How to choose Family law attorney Nebraska
Published by Mchenry1 on May 29th 2012 | Business
Family law is an area dealing with legal disputes that are related to families. Divorce, division of...