Gillness seekhelpifyouthinkthereisdiscrimination 36

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: rd to lower other balances * * These actions may not be in your best economic interest if you can save money with a lower rate 34 Fair Credit Reporting Act Is your credit report accurate? If you are denied credit based on your report, you can get a copy free within 60 days Inaccurate information must be corrected within 30 days Only authorized persons have access to your report Adverse data can be reported for seven years and bankruptcy for ten years 35 What If You are Denied Credit? Ask the creditor to clarify the reason Check your credit report file Apply to another creditor with different standards Take steps to improve your creditworthiness You have the right to provide a 100 word explanation in your file (e.g. illness) Seek help if you think there is discrimination 36 What Creditors Look For: 5 Cs Character ­ Do you pay bills on time? Capacity ­ Can you repay the loan? Capital ­ What are your assets and net worth? Collateral ­ What do you have of value that the lender can take if you don’t repay? Conditions ­ What economic conditions could affect your repayment of the loan? 37 Avoiding and Correcting Credit Mistakes Fair Credit Billing Act Notify creditor of error in wr...
View Full Document

Ask a homework question - tutors are online