All Federal Laws are in the consumer's favor and you will have the advantage, especially with the Federal Fair Credit Reporting Act. This is because when you dispute any information contained on your credit report, The Credit Bureau must verify the accuracy of the information with the creditor who reported the information within 30 days, or it will be removed.

You have the right to correct, update, amend and tell your side of what happened to the credit community. These laws Do Not Help you unless you use them.

Because the Fair Credit Reporting Act include rules that credit bureaus and your creditors must follow when reporting your credit file, as well as giving the consumer certain rights, you can afford to be defensive about your Credit Report. Remember that credit bureaus are not your friends. They are just private companies selling information about you.

Your Six Basic Rights under The Fair Credit Reporting Act

1. You have the right to Challenge The Accuracy of your credit report any time.

2. The credit bureaus must reinvestigate anything you challenge without a charge.

3. The credit bureaus must reinvestigate Within A Reasonable Amount of Time--30 days, unless the bureau notifies you otherwise.

4. If the credit bureau finds an error in the challenged item, they must delete or correct that information in your files immediately.

5. If the credit bureaus cannot or do not Confirm The Challenged Item within 30 days, they must delete that information from your files immediately.

6. You have the right to submit a Consumer Statementof your view of the problem. If you, as a credit consumer, dispute the accuracy of certain information in your credit report and it is verified by the creditor as correct, then the credit bureau is required to include your explanation of your dispute, if you request, in your credit report. Limit your explanation to no more than 100 words.