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Credit Card Disputes the Rules for Disputing Billing Errors

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The federal "Fair Credit Reporting Act" uniformly applies nationwide to all credit reporting agencies, credit reports and credit report users. New York's law is almost identical to the federal law, but it is in some ways tougher than the federal law. The New York law, however, generally applies fully only to credit reporting agencies operating within New York State. While it is not clear exactly to what extent the New York law applies to credit reporting agencies sending reports to New York from outside the state, if you are a New York resident, you can at least assume that the New York law covers reports about you sent to a report user in New York. How to Spot Costly Credit-Repair Scams

So long as consumers have difficulty making timely payments to creditors, and creditors and credit bureaus make mistakes with credit records, consumers will try to correct errors and to improve the information reported in their credit record.

Unfortunately, many consumers will turn to so-called credit repair companies for assistance. You may have seen or heard their advertisements which claim to: "Erase Bad Credit!" or "Remove Bankruptcy and Liens from Your Credit File!" Some of these companies charge consumers hundreds of dollars to "repair" or "improve" their credit and even try to fool consumers into believing that damaging information in credit files--even if it's accurate --can be removed.

But accurate information--however damaging--cannot be removed by anyone until legal time limits have expired. The legal time limit for reporting information and other requirements covering credit reports are governed by theFederal "Fair Credit Reporting Act" and the New York State "Fair Credit Reporting Act."1 The legal time period for reporting bankruptcies in credit reports is ten years, while the legal time limit for reporting other adverse information is seven years.

In New York State, information about a judgment that was satisfied 5 years after it was entered cannot then be reported after that 5 year period. It is important to note that these time limitations do not apply to reports made in connection with credit or insurance transactions for more than $50,000, or if the expected salary for employment is over $20,000 (the expected salary threshold in New York State is $25,000).

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If a consumer still wants to retain the services of a credit repair clinic, it is critical to know these important facts:

• Credit bureaus collect and maintain information on your credit-worthiness, credit standing and capacity, credit history and general character as reported to them by financial institutions, department stores and other creditors. For a fee, your credit file can be purchased by potential creditors, employers, insurers or anyone who needs it for a legally approved purpose.

• Up front fees for credit-repair services are illegal in New York State. Consumers should never pay until the repair service has been performed.

• Credit-repair services are required to offer written contracts to clients, spelling out the items the company expects to remove from a credit report and by when it expects to remove the items from the report.

• The basic tactic of a credit-repair company is to dispute every negative item in your credit report, accurate or not, by asking the credit bureaus for verification. As a rule, credit bureaus then request creditors to verify the information, and they delete a negative item from a file if they don't receive a response within 30 days.

• Even if an item is temporarily deleted, it will be restored if the credit bureau later receives verification from the creditor. Credit reporting agencies can continue to report accurate items that are within the legal reporting period, and such items cannot ever be permanently erased from your credit record by companies that advertise "credit repair" services.

• Generally, only time can cure your negative credit history, regardless of the circumstances under which it was incurred.

• You have the right, under the Federal Fair Credit Reporting Act, to dispute the accuracy or completeness of any information in your credit file. Once you tell the credit reporting agency of your dispute, the agency is legally obligated to reinvestigate the information, note its current status, and promptly inform you of the results of the investigation and what it has decided to do about the disputed information. Consumers should be prepared to back up their claims about disputed information because the reporting agency is not obligated to pursue inquiries that it reasonably believes are frivolous. This usually allows reporting agencies to completely ignore the "blanket disputes" the repair services file as part of their repair tactics.

• If the reinvestigation fails to resolve the dispute, you have the right to submit a 100-word statement about any disputed item in your file and to give your side of the story, at no cost to you. This statement will be included in any future reports. This requirement also does not apply if the reporting agency reasonably believes the dispute is frivolous.

• A credit-repair company which claims it can "upgrade your rating" is misleading you about its function. Businesses, not consumers, receive credit "ratings." Credit bureaus merely collect and report various types of information about consumers. The businesses receiving the reports then "rate" whether consumers qualify for credit, insurance or employment based on the information that was furnished.

In short, there is no secret to remedying erroneous or incomplete information in your credit reports. Consumers can correct the problem themselves.

There is, however, no guarantee that consumers will get immediate satisfaction--credit bureaus are vast bureaucracies where consumer problems are too often resolved slowly. But it is also important to note that costly credit-repair companies have no better chance at success than a consumer does.

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