Credit reports typically contain a vast amount of information regarding where you live, where you work, and how you spend your money and pay your bills. In 1970, consumers were given specific rights, requiring consumer reporting agencies to furnish complete and accurate information to businesses for use in evaluating your application for insurance, credit, or a job.
What You Need to Know About Credit Reporting
If you ever applied for a job, a loan, or insurance, someone is likely keeping a file on you that contains a wealth of information regarding your life.
Here are some commonly asked questions and answers that help shed some light on this topic:
- Did a bad credit report result in my denial of credit? If you were denied credit, you do not need to waste any time guessing why. The Equal Credit Opportunity Act requires creditors to state the exact reasons why they denied credit.
- Can I find out what my report says? The consumer reporting agency is required to provide everything in your report, including the sources of the information, if you request it. It is also your right to notified, upon your request, if anyone may have received a report about you within the past year. In many circumstances, the information you request is free.
- What if the information is incomplete or inaccurate? If you received incomplete or inaccurate information, notify the consumer reporting agency and, in your letter, include your name, date of birth, address, and social security number. Be sure to send it via certified mail or Federal Express. Your letter should be as specific as possible. Additionally, contact the creditor directly.
- What can I do next if my report is not modified? Contacting the consumer reporting agency may not result in the resolution you are looking for. Under these circumstances, ask the consumer reporting agency to include your version of the information in all future reports.
- Can anyone request a copy of my report? Only individuals with certain specified permissible purposes can obtain a copy of your report. For example, potential creditors, landlords, and employers can all potentially access your report. Consumer's Guide to Credit Reporting
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