Credit repair is not less than a huge process. By doing this process, people will get the advantage of performing so many activities in different fields. There are so many advantages that are associated with the process of credit repair, and you will get to know them after the completion of the process. People who have a bad credit score or report get into this process as they want another debt or face issues because of that. You can do this thing on your own, or you can also take help from the best credit repair companies. Besides this, there are some rules and regulations which need to be followed by you while processing this thing.
The government has made some rights regarding this thing which will help you to take over this process in a genuine and ethical way. You should consider these rights before getting into the process. It will also help you to not get violated by the company through which you are getting the service of credit repair. There are a good number of rights, and one of them is the right to process disputes by credit report agencies for free of cost. Then another one says that the agencies have to respond within 30 days for the dispute, and they will be given extra 15 days if they have any kind of follow-up with them. Let’s have a look at these rights.
Rights to credit repair
- The credit report agencies have to accept the disputes of every consumer. They are not allowed to charge any fees from you. If they do so, then you have to right to file a complaint against them.
- They have to respond to the consumers within 30 days of the application filed to them. If they get any follow-up, then they are allowed to take extra 15 days for processing. If they will violate the rules and take more time, then you can file a complaint against them.
- The bureau has to contact the lender or the provider of the credit within 5 working days after the file has been processed. They cannot take more time than that. You can take action against them if they do so.
- The agency also has the right to terminate the case if they find the dispute to be irrelevant. But, they have to inform you between 5 working days after taking this action against the case.
- The disputed item has to be verified by the agency and you. If the agency or the consumer will not verify the item, then it will be automatically removed by the agency.
Rights are essential to be known by us. This is because these rights help us in making the process a fair one, and we will also get aware of the steps done in the process. You can know these rights through the internet or can ask from the agency itself. This is important for your credit repair, and you need to give your full attention to it.