RI Credit Repair Facts

Here we'll explain more about the basics of Rhode Island credit repair. We'll discuss the credit repair process and the legislation that makes credit repair possible.

The Fair Credit Reporting Act

The Fair Credit Reporting Act (FCRA) is the key piece of legislation that makes Rhode Island credit repair possible. The FCRA forms the basis of consumer credit rights in the United States. This law regulates the collection, dissemination, and use of consumer credit information. Rhode Island credit repair largely focuses on the duties of consumer reporting agencies under this law. Consumer reporting agencies are organizations that collect and distribute information about consumers that is used for credit evaluation and other purposes. The three main consumer reporting agencies in the U.S. are Experian, Equifax, and TransUnion. More than likely, your Rhode Island credit repair service will be dealing with one or more of these three main credit bureaus. Below are the duties of credit bureaus under the FCRA that are most relevant to Rhode Island credit repair:

Agencies must provide consumers with information about him/her contained in their files and must take actions to verify the accuracy of this information. Consumers are also entitled to one free credit report per year from the agency.
Negative information that is removed as a result of a dispute (or in this case, Rhode Island credit repair) may not be reinstated without consumer notification in writing.
Agencies may not retain bad or negative information for long period of time.

Rhode Island Credit Repair Process

Start Now Here are the steps involved in the Rhode Island credit repair process:

Forward your credit reports to your Rhode Island credit repair service.
Select the items on your report you want to dispute. Once your Rhode Island credit repair service has your credit reports on file, they will enter the information into an online database. You will then use this database to electronically select the items you would like your service to dispute.
The company begins working your case.
You relax and wait for results. The credit bureaus have 30 days to investigate your dispute. After the investigation is over, the bureau must send you an updated credit report. Usually, you will receive an updated report about 60 days after your Rhode Island credit repair service first initiates the dispute. You will then forward the updated reports to your service so they can keep track of their progress.

If you have any questions, please visit our FAQ page.