Credit Cards Online Information

Prior to the Fair Credit Reporting Act most bill collectors would change the date on the accounts regarding the last payment made. Thus, when the account was turned over for collection, the consumer was not aware of the change made in the dates. This meant that the consumer was deprived of knowing "when the account would be taken off his/her credit report". This is known as the seven years in which adverse information can be reported on your credit report. The Federal Trade Commission has identified the initial delinquency date as the date "in which you first became delinquent and never got caught up". THAT IS LAW. Virtually all the violations of the Fair Credit Reporting Act and the Fair Debt Practices Act will fall under this.

Do not be overpowered by misinformed individuals. This is where Section 623(A)(5) of the Fair Credit Reporting Act becomes important in that it clearly defines your rights as a consumer regarding the reporting of accurate information and the dates in which an account was originally opened and when it was first late.

Next article I'll finish going over initial delinquency and cover just how some information that reported about you simply is not true.

# posted by Medical Information : 2:58 AM