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Our From Purses to Portfolios participants are always keeping the instructors on their toes! Here are some choice questions that have been asked over the past two years that may provide you with an answer you were searching for. Q. How do I get my credit report.... A. A recent amendment to the Federal Fair Credit Reporting Act (FCRA) requires each of the nationwide credit reporting agencies to provide you with a FREE copy of your credit report at your request once every 12 months. This new law is being phased in across the nation over a nine-month period. Consumers in the Eastern States such as Delaware can order their FREE reports beginning September 1, 2005. Q. How do I order my FREE report...A. Equifax, Experian, and TransUnion have set up one central website, toll-free telephone number, and mailing address through which you can order your FREE annual report. To order.. Online: www.annualcreditreport.com Phone: 1.877.322.8228 Mail: Complete an Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281 This form can be downloaded from the Federal Trade Commission Website located at www.ftc.gov/credit Q. What information will I need to provide... A. Please supply your name, address, Social Security Number, and date of birth. If you've moved in the past two years, you also may have to provide your previous address. to keep your file secure, each credit reporting agency may ask you for some information that only you would know, such as the amount of your monthly mortgage payment. Each agency may ask for different information because the information they have on file may have come from different sources. Q. How do I Correct My Credit Report... A. STEP #1: REVIEW YOUR CREDIT REPORT Once you request your credit reports, review them carefully. Understanding a credit report is not always easy, but if you take it slow and use the materials sent with the report, you will succeed. First, check your personal information, such as your name, Social Security Number, and date of birth. Next, make sure the addresses listed are correct. To potential creditors and employers, too many addresses may signify a lack of stability, so you’ll want to have any incorrect addresses removed. Then, check your credit sources. Do you recognize each one? Is the information provided for each accurate? It is best to dispute any credit accounts you do not recognize and to request that inaccurate information be updated or removed. STEP #2: WRITE TO THE CREDIT REPORTING AGENCY If you find an incorrect statement on a personal credit report, immediately write to the credit reporting company that issued it. In your letter, provide your complete name and address and clearly identify each item you are disputing. State the facts and explain why you disagree with the information and request that it be deleted or corrected. Include copies (not originals) of documents that support your position. You may want to enclose a copy of your report with the items in question circled. 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. A sample dispute letter is available at: http://www.pueblo.gsa.gov/cic_text/money/credit-record/crrecord.htm#letter. STEP #3: THE DISPUTE IS RESOLVED Consumer reporting companies are required to investigate a claim (usually within 30 days) unless they consider the dispute frivolous. They also must forward all relevant data you provide about the inaccuracy to the organization that initially supplied the information. After the information provider receives notice of a dispute, it must review the new information, investigate, and report its results back to the consumer reporting company. If the information provider finds the disputed information is inaccurate, it also 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 Fair Credit Reporting Act.) If you request, the consumer reporting company must send notices of the correction to anyone who received your report in the past six months. Q. Will I get my credit score... A. You will not get a credit score with your report. You will have to pay for your score. Each company offers you the option of paying for your score.
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and it shows you’ve missed payments or paid explanation in your personal file. YOU CAN IMPROVE YOUR CREDIT! |
