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The
following guide will help you to understand your credit and to ensure
that your lenders have reported items fairly and accurately.
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Credit Bureaus and Credit Reports:
Your credit payment
history is recorded through each of the credit report(s) or your credit
profile. These credit reports are maintained and sold by credit
reporting agencies (CRAs), commonly known as credit bureaus, such as
Equifax,
TransUnion and
Experian (formerly TRW).
If you have ever
applied for a credit or charge account, a personal and/or auto loan,
insurance, or a job, you would have a credit record on file. Your credit
record may contain information about your debts and credit payment
history. It also may indicate whether judgments have been entered
against you, or whether you have filed for bankruptcy. Only credit
grantors make credit decisions, not credit reporting agencies.
Your Credit History and Ratings:
A good credit rating is very important and can save you money.
Businesses and financial institutions review your credit (payment)
history when they evaluate your applications for credit, insurance,
employment, cell phones, auto insurance and even leases. Based on your
credit payment history, companies can choose to grant or deny you credit
provided you receive fair and equal treatment. Sometimes, things happen
that can cause credit problems: a temporary loss of income, an illness,
even a computer error. Solving credit problems may take time and
patience, but it doesn't have to be an ordeal. |
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The
Fair Credit Reporting Act:
The
Fair Credit Reporting Act (FCRA) requires CRAs to furnish correct and
complete information for businesses to use when evaluating your
application.
Your
rights under the FCRA include the following:
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You have the right to know all the
information in your credit report, including the source of the
information in most cases,
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You have the right to know the name
of anyone who received your credit report in the last 12 months,
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You have the right to a free copy of
your credit report when your application is denied because of
information supplied by the CRA. Your request must be made within 30
days of receiving your denial notice.
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You have a right to add a 100-word summary explanation to your
credit report if the problem is not resolved to your satisfaction.
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Credit Bureaus:
If you feel someone is
using credit without your authorization it is important to phone the
credit bureaus as soon as possible. This will allow you to place what
is called a ‘fraud alert’ on your credit bureau file. This fraud alert
will require lenders to phone you prior to an approval being given on
your behalf. Phone one of the fraud numbers shown below today!
Equifax,
http://www.equifax.com/
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Report Fraud: 1-800-525-6285
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Order copy of report:
P.O. Box 740241, Atlanta, GA 30374-0241
Or call: 800-685-1111
Experian,
http://www.experian.com/
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Report fraud:
888-397-3742
By mail: Experian National Consumer Assistance Center
P.O. Box 9530
Allen, TX 75013
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Order copy of report:
Experian National Consumer Assistance Center
P.O. Box 2002
Allen, TX 75013
Or call: 888-397-3742
TransUnion,
http://www.transunion.com/
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Report fraud:
800-680-7289
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Order copy of report:
P.O. Box 390
Springfield, PA 19064
Or call: 800-916-8800
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Remember, if you have been denied credit, you are entitled to a free
credit report. Effective October 1997, if you are a victim of identity
fraud or believe someone is using your credit without your
authorization; you are entitled by Federal law to a free annual credit
report.
It normally takes about ten working days to receive your credit report.
If you want to review your file now, you can obtain your report by use
of the internet. We have found that the following company can provide
you with a report within thirty (30) seconds from all three credit
bureaus if needed.
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Free
Annual Credit Report:
The
Federal Trade Commission provides an excellent report on how to obtain
your free annual credit report. The report is titled
"How
to Access to Free Credit Reports."
http://www.ftc.gov/bcp/conline/pubs/credit/freereports.htm
To
order your free annual report - You can now request a free credit file
disclosure, commonly called a credit report, once every 12 months from
each of the nationwide consumer credit reporting companies:
Equifax,
TransUnion
and
Experian.
You
can also request your report by phone or mail. Monitoring and
periodically reviewing your credit report is an effective tool in
fighting identity theft.
>https://www.annualcreditreport.com/cra/index.jsp
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