subject: Information For Massachusetts Debtors [print this page] Credit rating is a well established part of American life. It might be a valuable device making it possible for you to acquire a house or a automobile, pay for an education, or take advantage of special sales and offers. Unwise use of consumer credit, on the other hand, will cause economic complications. Knowing your legal rights and options is a first step to fixing those difficulties.
Your credit profile is an essential component for a strong economic future. Business employers, insurance agencies, and future creditors make use of the report to get hold of data about you. Your credit report is such a crucial document that the law supplies you certain rights against the reporting of erroneous data.
Once you were denied credit, you should really get hold of a copy of your report to confirm that the data is accurate. You have the right to know which credit reporting agency supplied the report that was used to deny you credit. Under state legislation, you have the right to a free copy of your credit report within sixty days of being denied credit.
You also are permitted one free copy of your credit report per calendar year, even if you were not refused credit. Contemplate requesting a copy each year to make certain your report is without errors. (M.G.L. c.93, 59)
If there is mistaken data in your credit report, you might demand the credit reporting agency to examine it. The agency must look into your claim within 30 business days by demanding the creditor in question to review its records, except if the agency is convinced that the question is "frivolous or irrelevant." The credit reporting agency should fix, perfect, or remove any info that is incorrect, not whole, or has not been verified (M.G.L. c.93, 58).
Furthermore, negative info that is more than seven years old can't be integrated in your credit report. There are numerous exceptions to this rule; the main one is bankruptcy, which may be documented for up to ten years (M.G.L. c. 93, 52).
by: Franklin Thomas
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