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The Fair and Accurate Credit Transactions Act (FACTA) of 2003, the radical changes to the Fair Credit Reporting Act (FCRA). On the surface some of these changes seemed like a victory for consumers. Take the credit-ANNUAL REPORT clause, for example. Wow! The credit actually giving credit reports! What a Deal! big win for us consumers, eh? Wrong.

If something looks too good to be true, it is normally. Your free credit report is anything but free. The charge in this case is time. In return for consumers, a free credit report from the credit an additional fifteen days (for a total of forty-five days) in which to investigate disputes arising from those reports. In contrast, if you have a credit report from the credit agent or online for a fee or even free on a promotion and an element of dispute offices are in the thirty-day period to review, delete, or the position in question.

You must not forget what drives the credit reporting agencies ... Profits. And where are the profits from this? You are in the credit industry. And how does the credit industry make money? Charge of interest. And what leads them to receive higher interest rates and thus greater profits? I think we can make the image now. This new law is a trade-off and the offices and loan industry are getting the largest share of power.

Think about it for a second. The thirty day period to resolve disputes, requires a high degree of pressure on the system. The second hit the consumer dispute her desk and the clock is ticking. You must contact the lender or creditors, inform them about the disputed information and receive an answer within thirty days after the Act or the item must be deleted. By increasing the time limit of 33%, it would be safe to assume that a comparable percentage of points that would otherwise have been deleted will remain on the consumer credit report? Yes.

When you consider that millions of derogatory points are on a monthly basis, it is probably safe to assume that with this new regime, millions of articles from the other offices will remain. A late payment on your credit report could be the difference between a paper and a loan from a sub-prime loans. Depending on the situation this can be equal to hundreds and sometimes more than a thousand dollars per month in the form of an increased mortgage payment. If you have done, and to see a utility bill from your previous residence, cancel Christmas. Your credit score could fall fifty to one hundred points from this simple error. And guess what, after you connect the offices with the ruins of seven years.

I'm not anti-government, anti-loan industry mother overhaul the system. So, if you are a bank or industrial executive FTC official Please note. J In the grand scheme, the system provides stability and certainty for our economy. It is undeniable is. However, and this is a big however, the system is oppressive to the consumer in its current state. Should someone be punished thousands of dollars in increased interest for seven years because of an unintentional mistake? I think not. If the loss of employment, identity theft, injury or death of someone dear in seven to ten years of oppressive discrimination? In my opinion it should not. Life happens, and good people should not be made to suffer for a decade because of it. If you can see, legislation promoting the shortening of time derogatory credit can support.

Your right to dispute derogatory credit is the only edge you have in this great game. If you are serious about your credit rating, you must take a proactive approach to the maintenance or improvement. Credit monitoring is a step in the right direction, and usually comes with a free credit report every office and outcome. Remember to order your annual credit report from the office can be a disadvantage when it comes time to make your report.

Copyright November 2005, yourcreditcures.com, USA

Tad MacPherson is a credit specialist with many years of experience supporting the consumer with the repair, restoration and recovery of their loans. Get free advice and valuable tools in the Credit http://www.yourcreditcures.com.

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