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All Is Fair In Love, War, and, Your Credit Report - At Least It Should Be! Understanding the FCRA
Fact: Over 150 million Americans have credit report with the three major credit reporting agencies. Approximately 50 million of these credit reports contain errors, many of which are inaccurate. Do you know what's on your credit report? If you've ever applied for a charge account, a personal loan, insurance or a job, there's a credit report about you. This credit report contains information on where you work and live, how you pay your bills, and whether you've been sued, or filed for bankruptcy. About The Fair Credit Reporting Act? (FCRA) The Fair Credit Reporting Act was the first federal law to regulate the use of personal information by private business. It was all the way back in 1899 that the first major credit reporting agency was started. Over time, credit reporting grew into a huge industry and, by the late 1960's, became surrounded by controversy. Credit reports from the Credit Reporting Agencies were being used to deny services and opportunities. At that time, you would have had no right to see what was in your credit report. The FCRA was passed in 1970 and fortunately now you have that right. On December 4, 2000 President George Bush signed into law the first phase of the Fair And Accurate Credit Transactions Act (FACT Act), which amends the FCRA. The FACT Act establishes the Financial Literacy and Education Commission and calls for a national financial literacy campaign. The act addresses consumer's rights to understand and protect the information in their credit report and to get help when their financial information has been stolen. It also restricts the use of medical information in determining a consumer's eligibility for credit, and also limits the sharing of medical information with affiliated companies under certain circumstances. Here are some questions consumers commonly ask about credit reports, Consumer Reporting Agencies and the answers. Note that you may have additional rights under state laws. You can contact your state Attorney General or local consumer protection agency for more information. You also have information and resources at your disposal 24/7 at: www.creditandyou.com. Q. What can I do about inaccurate or incomplete information? A. Under the new law, both the Consumer Reporting Agencies and the information provider have responsibilities for correcting inaccurate or incomplete information in your credit report. To protect all your rights under this law, contact both the Consumer Reporting Agencies and the information provider. See credit repair article by credit and you.com Q. Can my employer get my credit report? A. Only if you say it's okay. A consumer reporting agencies may not supply information about you to your employer, or to a prospective employer without your consent. Q. Can creditors, employers or insurers get a report that contains medical information about me? A. Not without your approval. Q. How can I stop a consumer reporting agencies from including me on lists for unsolicited credit and insurance offers? A. Creditors and Insurers may use consumer reporting agencies file information as a basis for sending you unsolicited offers. These offers must include a toll free number for you to call if you want to remove your name and address from lists for two years, completing a form that the consumer reporting agencies provides for this purpose will keep your name off lists permanently. Q. Do I have the right to sue for damages? A. You may sue a consumer reporting agency, a user or in some cases a provider of consumer reporting agency data in state or federal court for most violations of the FCRA. If you win, the defendant will have to pay damages to reimburse you for attorney fees to the extent ordered by the court. Q. Are there other laws I should know about? A. Yes. If your credit application was denied, the Equal Credit Opportunity Act (ECOA) requires creditors to specify why if you ask. For example, the creditor must tell you whether you were denied because you have no credit report with a consumer reporting agency or because the consumer reporting agency says you have delinquent obligations. The ECOA also requires creditors to consider additional information you might supply about your credit history. You may want to find out why the creditor denied your application before you contact the consumer reporting agencies. See Equal Credit Opportunity Act article by credit and you.com Stay On Top Of Your Credit Before financing anything, car, furniture, or a home, it's a god idea to make sure your credit report is clean. Errors can often be quickly removed. And no sales person should ever know more about your credit report than you. Copyright © Credit and You | All Rights Reserved | To find out: additional rights you have, who can get a copy of your credit report, how long negative information can be reported, easy steps anyone can take to repair there credit report, what you can do if the credit reporting agencies won't correct information in your credit report, or to read more about the Equal Credit Opportunity Act visit http://www.creditandyou.com/creditreports.html it's free a information website!
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RELATED ARTICLES
10 Dirty Tricks Credit Card Companies Play The credit card companies make billions each year in legitimate interest charges and fees, but are under constant pressure from the shareholders to increase their earnings. To make this extra money the credit card companies sometime adopt some dirty tricks to make this money. As the credit card industry becomes more competative, less money is being earned from each client from interest charges and the number of these dirty tricks increase. To protect yourself against these unscrupulous procedures that steal your money we will list 10 dirty tricks credit card companies play to their clients so you'll know what to expect and look out for. Of course that there are not only 10 dirty tricks credit card companies play to their clients but knowing at least these 10 tricks will help you to not be a victim. A Summary of the Fair Credit Reporting Act This summary of the Fair Credit Reporting Act will explain what you can legally do if you want to repair your own credit report. No matter what you hear, you can dispute credit information on your credit report if you understand the legal rights you have under this law. Credit Card Shocker Have you ever looked at your credit card statement? I'm not talking about just making sure that all the transactions are correct. I'm talking about looking at the finance charges. I daresay that sometimes that figure is almost as great as the minimum monthly payment you're making. After all, as long as you can keep the creditors at bay by paying the minimum, that's all you care about, right? If you agreed, I urge you to reconsider. Comprehending a Credit Report Obtaining a credit report is an excellent way to begin taking control of your financial future. It's recommended that you review your credit report once a year, not only to be aware of your standing with creditors but to also keep abreast of errors and fraud. However, once your report arrives you may have trouble making sense of it. How are you to read and understand a credit report? Avoiding Credit Card Traps The next time you open your credit card statement, take a closer look at the small insert titled "changes to your credit card agreement". You know the one I'm speaking about. It's that small, folded paper written in legalese that you promise to read some other time (but of course that time never comes) or you just discard it with the other "junk" inserts. Credit Cards For People With Bad Credit Scores Sometimes life lands you in a situation that causes your credit to suffer. A job loss or illness can send your credit rating south leaving you with nothing to do about it. Some creditors may let you slide a month or two, but your records will still show a delinquency. A stolen identity can also leave you feeling violated and unable to resume a normal life with credit. It is during these times you may have to search a little harder to find companies that wan to deal with people who have bad credit. There are a handful of lenders who will help you re-establish your creditworthiness by using one of their credit cards. Rate Tarts Losing Ability to Cherry Pick A "rate tart" is someone who switches from one zero per cent introductory credit card deal to another to avoid paying interest; however they may be set to become something of the past. Recently a number of the major credit card companies, including Egg, Barclays, the Royal Bank of Scotland and MBNA have introduced transfer charges for people who want to shift their outstanding credit card balances to a new card to take advantage of a zero per cent introductory rate. Always Avoid Payment Holidays Once you've been paying off a credit card for a while, you might be offered a 'payment holiday'. You'll get a letter, saying that since the company knows it's difficult for some families around Christmas (or whatever other excuse they think up), they're offering you a month off from paying, as a 'special present'. I?ve Heard About FACTA; What Does It mean? What FACTA means is that if you, as an individual, lose the information on anyone you have ever hired; or, for any business in the United States of America that collects any personal information on people, if the information should be lost due to not destroying the information properly, then two things can happen. First, there are federal fines of up to $2,500.00, and state fines up to $1,000, per employee, per incident. Second, the business is liable for any damages the individual suffers as the result of a breach of information. Preventing Credit Card Mess Credit card debts problem is extremely common today. It is usually the first sign of longer term financial troubles. How to manage your credit cards so that you will never fall into credit card mess? There are four pillars in preventing credit card debts problem. Credit Cards, Merchant Accounts, and Your Bottomline Q: I'm opening a gift shop and want to be able to accept credit cards. I talked to the branch manager at my bank, but he didn't seem to know much about how it all worked. He did say that I would need something called "a merchant account" and something else called "a credit card processor." Beyond that he seemed as clueless as I am. I'm thinking about going to another bank. Can you explain how that all works? -- Mary Ann G. Credit Cards - Why Prepay? With prepaid credit cards, you get the practicality of plastic while choosing exactly how much debt to charge. By taking charge of your personal financing, you determine your own limits, to the penny, and change them any time you need to. What Happens When Your Credit Is Damaged? Do You Have Recourse? The good thing about bad credit is that you can fix it. If you start now, over time, your bad credit can turn into good credit, and you could qualify for the loans you want at the rates you want. The most important aspect of rebuilding your credit after it has been damaged is showing lenders and creditors that you are serious about repaying your debt and that you can be a reliable borrower over a significant period of time. Addressing Bad Credit Card Debt Spending Habits Balance Transfers Introduction The main benefit of balance transfer is a money-saving one. In the competitive credit card market an increasing number of companies are offering a 0% interest rate for a fixed period on balance transfers made by new customers. This allows new cardholders to make considerable savings in interest repayments. Interest free periods vary and certain credit card issuers extend the 0% interest rate offer to cover new purchases, it is worth taking great care to compare balance transfer offers well before deciding which one to choose. Some companies offer lower than average interest rates on transferred balances for the life of the balance transfer. This may be good news for card users who are not planning to pay back credit card debt in the short term. Useful Tips on Borrowing Money Here are some useful tips on borrowing money. Borrowing money is one of the most common sources of funding for a small business, but obtaining a loan isn't always easy. Before you approach your banker for a loan, it is a good idea to understand as much as you can about the factors the bank will evaluate when they consider making you a loan. Let's start by exploring some of the key points your banker will review: Beware the Shopping Mall Monster Like me, you've probably been offered a fair old number of these by now... Different Ways to Borrow Money There are many different ways to borrow money. Outlined below is a useful guide to some of most common ways of borrowing money. Good Credit Is a Necessity for Everyday Living Most of us want a good credit report to obtain vehicle financing, credit cards for emergencies and luxuries, and to finance a home mortgage. However, beyond these consumer loans, a great credit report makes your life easier. Credit Report ? Look Out for Your Debit Report, Too Most consumers are aware that there are companies that keep track of their personal financial transactions ? installment loans, mortgages, credit card accounts, bankruptcies and judgements. These items are assembled by the three main credit bureaus into a credit report, which is available upon request by lenders, employers and anyone else with whom a consumer might do business. The credit report tells these people, in a simple, summarized form, whether or not a consumer is worthy of more credit or another loan. What few people realize is that there is another firm that keeps track of the banking transactions by American consumers, and that information is available only to banks in the form of a debit report. You may not have heard of a debit report, but it can affect you in ways you may not even realize and can prevent you from opening a bank account.
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