The Fair Credit Reporting Act provides consumers with the right to see their credit report and dispute any reports that are not correct. Written in 1970, the act was revised in 1996 to give consumers more rights to their information. In 2003, Congress revised the act to provide consumers one free report each year and guaranteed consumers a fair price on any extra reports.
Length of Time
Section 605(c)(1) states that negative information must be removed after seven years. The seven years commences when the account is given to collections, written off by the creditor or at the end of the 180-day delinquency period. This section is for all debts except those dismissed in bankruptcy proceedings and those where a judgment has been entered against you by a court. Bankruptcy can remain on your credit report for up to ten years. Judgments can remain for seven years after they are paid.
Effective Date of Regulation
Section 605(c)(2) states that section (1) of 605(c) only applies to information that is placed on your report 455 days after the regulation was placed in effect in 1996.
Violations
If you see negative information -- other than a bankruptcy -- on your credit report past its removal date, contact the credit bureau to open a dispute. Include copies of any bills or other documents which prove your dispute. Sent the request by certified mail and request a return receipt. The credit bureau has 30 days to investigate your claim and, if they agree with you, remove the information. If the credit bureau does not agree with your claim, you must contact the creditor and ask them to remove the information. If the creditor does not remove inaccurate information, you will have to sue the creditor to have the information removed.
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