Consumer Credit File Rights Under State

 and Federal Law

1. You have the right to dispute inaccurate information in your credit report by contacting the credit bureau directly. However, neither you nor any credit repair company or credit repair organization has the right to have accurate, current, and verifiable information removed from your credit report. The credit bureau must remove accurate, negative information from your report only if it is over seven years old. Bankruptcy information may be reported for ten years.
2. You have a right to obtain a copy of your credit report from a credit bureau. You may be charged a reasonable fee. There is no fee, however, if you have been turned down for credit, employment, insurance, or a rental dwelling because of information in your credit report within the preceding sixty days. The credit bureau must provide someone to help you interpret the information in your credit file. You are entitled to receive a free copy of your credit report if you are unemployed and intend to apply for employment in the next sixty days, if you are a recipient of welfare assistance, or if you have reason to believe there is inaccurate information in your credit report due to fraud.
3. You have the right to sue a credit repair organization that violates the Credit Repair Organization Act. This law prohibits deceptive practices by credit repair organizations.
4. You have the right to cancel your contract with any credit repair organization, for any reason, within three business days from the day you signed it.
5.  Credit bureaus are required to follow reasonable procedures to ensure that the information they report is accurate. However, mistakes may occur.
6. You may, on your own, notify a credit bureau in writing that you dispute the accuracy of information in your credit file. The credit bureau must then reinvestigate and modify or remove inaccurate or incomplete information. The credit bureaus may not charge any fee for this service. Any pertinent information and copies of all documents you have concerning the error should be given to the credit bureau.
7. If the credit bureau’s reinvestigation does not resolve the dispute to your satisfaction, you may send a brief statement to the credit bureau, to be kept in your file, explaining why you think the record is inaccurate. The credit bureau must include a summary of your statement about disputed information with any report it issues about you.
8. The Federal Trade Commission regulates credit bureaus and credit repair organizations. For more information contact:

The Public Reference Branch

Federal Trade Commission

Washington, D.C. 20580

Why is my credit report important???????

Small Debts can Have A Large Impact

Most consumers assume that if they haven't had major credit delinquencies or a bankruptcy
their credit is good.

Unfortunately, negative items even for small amounts of money can have a huge effect on your credit score, impacting your ability to obtain credit at competitive rates.    Government agencies in some areas are hiring collection companies to collect on unpaid parking tickets, traffic fines and even library late fees.  A debt that shows collection can drop your credit scores as much as 100 points.

Your Job or Promotion May Require a Credit Check

Many companies do credit and background checks before hiring new employees and giving promotions. This is true even if your job does not require you to handle money, companies are using credit reports and credit scores as an indication of trustworthiness and level of responsibility.

 If you have any collections, judgments, liens, or  late payments, they could prevent you from getting that job/promotion. Some things that you should do if you are going to apply for a new job or if you are in line for a promotion:

• Get a copy of all 3 of your credit reports.
• Do a background check on yourself if you think it’s needed (Career Builder has a service that checks your background).

If you find any information on your credit reports that seems inaccurate or unfamiliar to you, have it investigated.  You can dispute the items through the credit bureaus yourself or you can hire a credit repair person/company. It is always a good idea to research the company who will be doing the credit repair work.   

 A Low Credit Score Can Mean Higher Insurance Premiums       

Your credit score often determines how much you pay for car, homeowners, renters, and even health and life insurance.  Almost all major insurance companies use credit scores to determine premiums for their customers.

If you have less than excellent credit, it may costing you money in the form of higher insurance premiums. Insurance companies justify evaluating customers' credit reports by claiming that customers with bad credit entail a higher risk and are more likely to file claims.  

Some states have enacted laws that restricting using a credit score as the sole basis to deny coverage and calculate the premium amount. However, insurance companies still use credit scores combined with other factors to create an "insurance risk score." These scores are not shared with the public but often roughly correlate with your FICO score.

When considering the effects of a low credit score, high insurance premiums may be the last thing that comes to mind. However, improving your score could potentially save you hundreds of dollars each year.

 
More information is available at 
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