As time goes on, having a healthy credit score is less and less of a luxury and more of a necessity. Unfortunately, for many of us, once mistakes have been made, it can be increasingly more difficult to know how to improve your situation. It is easy to get lost in the maze of red tape and legal speak that abounds in the financial industry. The Fair Credit Reporting Act was put in place with this in mind. Enacted in 1970, the FCRA seeks to provide balance in a system that makes it easy for potential and current creditors to track the habits of its clients. Especially if you already find yourself in a less than preferable condition, there are many tools at your disposal that should know about:

Knowledge is power

The first and most important tool at your disposal is knowledge and according to the FCRA you have the right to know exactly what your report contains. Even better you have that information at your disposal for free. Each of the three major reporting agencies Equifax, TransUnion and Experian are required to provide a free report once every 12 months to every person in their records. You may retrieve this records either by writing to the companies or online at: http://www.AnnualCreditReport.com.

Second you have the right to know if you have passed over for credit and for what reasons or if any adverse actions were taken on your account you are required by law to be notified about what these reasons were.

Action is key

If you do find that you have negative entries on your credit history or you have applied for credit only to receive a rejection status based on entries in your report you can fix it. The FCRA says you have the right to contest any entry on your report. After submitting your contention to the proper agencies they will have thirty days to respond to your dispute. They are required to investigate and alert the reporting agency. If the entry cannot be validated it must be removed.

Timing is everything

We all make mistakes but the good news is, those mistakes fade with time. As your report gets older so does the relevancy of it\’s entries. A general rule is 7 years most items excluding bankruptcy which can stay on your report for 10 years. In some cases patience is all that you need to receive a higher score. Keep making good decisions and let your actions speak for themselves.

Authorized access only

Your credit history is only accessible from authorized persons who can demonstrate a valid purpose behind seeing your history. This means that not just anyone can access your records without a valid reason.

The key to improving your credit score is to be proactive. Maintain records, keep current on your obligations and research your situation. By disputing inaccuracies and preventing any new negative entries your score will continue rise year after year. Using the tools available to you including those provided by the FCRA is the best favor you can do yourself or your credit score.

Are you looking for more information regarding FCRA? Visit http://www.repaircreditnow.net today!

Are you looking for more information regarding FCRA? Visit http://www.repaircreditnow.net today!

Author Bio: Are you looking for more information regarding FCRA? Visit http://www.repaircreditnow.net today!

Category: Finances
Keywords: credit score,fcra tools,healthy credit score