In Canada Consumer Reporting Agencies are regulated provincially. In Ontario Consumer Reporting Agencies must comply with the Consumer Reporting Act. The Consumer Reporting Agencies are regulated by and the Consumer Reporting Act is administered by the Ministry of Consumer Services.
The Consumer Reporting Act clearly sets out the laws as it's related to how and for a way long the Consumer Reporting Agency can report information about a Consumers credit score report You can view the Consumer Reporting Act on the Ministries web site.
In Canada there are two main Credit Reporting Agencies, Equifax and Trans Union. In the US there are three; Equifax, Trans Union and Experian.
In the US the Federal Government is forming a consumer safety agency that amongst different issues will regulate Credit Reporting Agencies.
If you've gotten a dispute over one thing that is being reported to your credit report here is what you should do:
• Request a replica of your credit report from ALL of the Credit Reporting Agencies (in many instances they may present it to you free if there is a dispute).
• Write to the credit score reporting company indicating what's reporting improperly and provide any proof you must support your claim.
• If the problem is a reputation, address or date is reporting misspelled, the Credit Reporting Agency can usually resolve the issue at this point.
If the problem relates to information that is being reported by a creditor , correcting it could be difficult. Usually the Credit Reporting Agency will write to the creditor, making them conscious of your concern and ask them to reply. If the creditor stands by their position the Credit Reporting Agency could change into troublesome to cope with. If you might be unable to make any headway with the Credit Reporting Agency, you don't have to give up yet.
Research online to search out out what regulation exists in your state or province and think about pursuing a grievance. In Ontario for instance the Ministry of Consumer Services is sort of efficient at intervening in matters where a client has a valid dispute. In many cases you'll be able to even file your grievance online.
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