The Rights For Credit Reporting
Almost every day, you're involved in some type of financial transaction requiring an educated decision, whether you're shopping for a mortgage or auto loan, checking the accuracy of your credit report, dealing with debt collectors, or looking for ways to protect your personal financial information.
Credit is much more than a piece of plastic, now there are publications for businesses on credit issues and information on credit-related Rules and Acts enforced by the FTC and the resources can help you become a more savvy consumer.
The first is your rights: Credit Reporting.
The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies - Equifax, Experian, and TransUnion - to provide you with a free copy of your credit report, at your request, once every 12 months.
The Federal Trade Commission (FTC), the nation's consumer protection agency, has prepared a brochure, Your Access to Free Credit Reports, explaining your rights under the FCRA and how to order a free annual credit report.
The second is how do you order your free report? You can order your free annual credit report online at annualcreditreport.
com, by calling 1-877-322-8228, or by completing the Annual Credit Report Request Form and mailing it to: Annual Credit Report Request Service, P.
O.
Box105281, Atlanta, GA 30348-5281.
When you order, you need to provide your name, address, Social Security number, and date of birth.
To verify your identity, you may need to provide some information that only you would know, like the amount of your monthly mortgage payment.
The third Provides tips on shopping for credit cards, using cards carefully, and keeping your credit record clean.
Also explains credit reports and credit scores, how to protect your identity, improve your credit record, and what to do if you are a victim of identity theft.
Other is Building a Better Credit Report, If you've ever applied for a credit card, a personal loan, or insurance, there's a file about you.
This file is known as your credit report.
It is chock full of information on where you live, how you pay your bills, and whether you've been sued or arrested, or have filed for bankruptcy.
Consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses with a legitimate need for it.
They use the information to evaluate your applications for credit, insurance, employment, or a lease.
Having a good credit report means it will be easier for you to get loans and lower interest rates.
Lower interest rates usually translate into smaller monthly payments.
Nevertheless, newspapers, radio, TV, and the Internet are filled with ads for companies and services that promise to erase accurate negative information in your credit report in exchange for a fee.
The scam artists who run these ads not only don't deliver - they can't deliver.
Only time, a deliberate effort, and a plan to repay your bills will improve your credit as it's detailed in your credit report.
The Federal Trade Commission (FTC), the nation's consumer protection agency, has written this booklet to help explain how to build a better credit report.
It has six sections: Improving Your Credit Report is important.
Under the FCRA, both the consumer reporting company and the information provider (the person, company, or organization that provides information about you to a consumer reporting company) are responsible for correcting inaccurate or incomplete information in your report.
To take advantage of all your rights under the FCRA, contact the consumer reporting company and the information provider if you see inaccurate or incomplete information.
1.
Tell the consumer reporting company, in writing, what information you think is inaccurate.
Include copies (NOT originals) of documents that support your position.
In addition to providing your complete name and address, your letter should clearly identify each item in your report that you dispute, state the facts and explain why you dispute the information, and request that the information be deleted or corrected.
You may want to enclose a copy of your report with the items in question circled.
Your letter may look something like the one on page 8.
Send your letter by certified mail, return receipt requested, so you can document what the consumer reporting company received.
Keep copies of your dispute letter and enclosures.
Consumer reporting companies must investigate the items in question - usually within 30 days - unless they consider your dispute frivolous.
They also must forward all the relevant data you provide about the inaccuracy to the organization that provided the information.
After the information provider receives notice of a dispute from the consumer reporting company, it must investigate, review the relevant information, and report the results back to the consumer reporting company.
If the information provider finds the disputed information is inaccurate, it must notify all three nationwide consumer reporting companies so they can correct the information in your file.
When the investigation is complete, the consumer reporting company must give you the written results and a free copy of your report if the dispute results in a change.
(This free report does not count as your annual free report under the FACT Act.
) If an item is changed or deleted, the consumer reporting company cannot put the disputed information back in your file unless the information provider verifies that the information is, indeed, accurate and complete.
The consumer reporting company also must send you written notice that includes the name, address, and phone number of the information provider.
Credit is much more than a piece of plastic, now there are publications for businesses on credit issues and information on credit-related Rules and Acts enforced by the FTC and the resources can help you become a more savvy consumer.
The first is your rights: Credit Reporting.
The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies - Equifax, Experian, and TransUnion - to provide you with a free copy of your credit report, at your request, once every 12 months.
The Federal Trade Commission (FTC), the nation's consumer protection agency, has prepared a brochure, Your Access to Free Credit Reports, explaining your rights under the FCRA and how to order a free annual credit report.
The second is how do you order your free report? You can order your free annual credit report online at annualcreditreport.
com, by calling 1-877-322-8228, or by completing the Annual Credit Report Request Form and mailing it to: Annual Credit Report Request Service, P.
O.
Box105281, Atlanta, GA 30348-5281.
When you order, you need to provide your name, address, Social Security number, and date of birth.
To verify your identity, you may need to provide some information that only you would know, like the amount of your monthly mortgage payment.
The third Provides tips on shopping for credit cards, using cards carefully, and keeping your credit record clean.
Also explains credit reports and credit scores, how to protect your identity, improve your credit record, and what to do if you are a victim of identity theft.
Other is Building a Better Credit Report, If you've ever applied for a credit card, a personal loan, or insurance, there's a file about you.
This file is known as your credit report.
It is chock full of information on where you live, how you pay your bills, and whether you've been sued or arrested, or have filed for bankruptcy.
Consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses with a legitimate need for it.
They use the information to evaluate your applications for credit, insurance, employment, or a lease.
Having a good credit report means it will be easier for you to get loans and lower interest rates.
Lower interest rates usually translate into smaller monthly payments.
Nevertheless, newspapers, radio, TV, and the Internet are filled with ads for companies and services that promise to erase accurate negative information in your credit report in exchange for a fee.
The scam artists who run these ads not only don't deliver - they can't deliver.
Only time, a deliberate effort, and a plan to repay your bills will improve your credit as it's detailed in your credit report.
The Federal Trade Commission (FTC), the nation's consumer protection agency, has written this booklet to help explain how to build a better credit report.
It has six sections: Improving Your Credit Report is important.
Under the FCRA, both the consumer reporting company and the information provider (the person, company, or organization that provides information about you to a consumer reporting company) are responsible for correcting inaccurate or incomplete information in your report.
To take advantage of all your rights under the FCRA, contact the consumer reporting company and the information provider if you see inaccurate or incomplete information.
1.
Tell the consumer reporting company, in writing, what information you think is inaccurate.
Include copies (NOT originals) of documents that support your position.
In addition to providing your complete name and address, your letter should clearly identify each item in your report that you dispute, state the facts and explain why you dispute the information, and request that the information be deleted or corrected.
You may want to enclose a copy of your report with the items in question circled.
Your letter may look something like the one on page 8.
Send your letter by certified mail, return receipt requested, so you can document what the consumer reporting company received.
Keep copies of your dispute letter and enclosures.
Consumer reporting companies must investigate the items in question - usually within 30 days - unless they consider your dispute frivolous.
They also must forward all the relevant data you provide about the inaccuracy to the organization that provided the information.
After the information provider receives notice of a dispute from the consumer reporting company, it must investigate, review the relevant information, and report the results back to the consumer reporting company.
If the information provider finds the disputed information is inaccurate, it must notify all three nationwide consumer reporting companies so they can correct the information in your file.
When the investigation is complete, the consumer reporting company must give you the written results and a free copy of your report if the dispute results in a change.
(This free report does not count as your annual free report under the FACT Act.
) If an item is changed or deleted, the consumer reporting company cannot put the disputed information back in your file unless the information provider verifies that the information is, indeed, accurate and complete.
The consumer reporting company also must send you written notice that includes the name, address, and phone number of the information provider.
