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20580 you must be told if information in your file

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20580.You must be told if information in your file has been used against you.Anyone who usesa credit report or another type of consumer report to deny your application for credit,insurance, or employmentor to take another adverse action against youmust tell you, andmust give you the name, address, and phone number of the agency that provided theinformation.You have the right to know what is in your file.You may request and obtain all theinformation about you in the files of a consumer reporting agency (your “file disclosure”).You will be required to provide proper identification, which may include your SocialSecurity number. In many cases, the disclosure will be free. You are entitled to a free filedisclosure if:oa person has taken adverse action against you because of information in your creditreport;oyou are the victim of identify theft and place a fraud alert in your file;oyour file contains inaccurate information as a result of fraud;oyou are on public assistance;oyou are unemployed but expect to apply for employment within 60 days.In addition, by September 2005 all consumers will be entitled to one free disclosure every 12months upon request from each nationwide credit bureau and from nationwide specialtyconsumer reporting agencies. Seefor additional information.You have the right to ask for a credit score.Credit scores are numerical summaries of yourcredit-worthiness based on information from credit bureaus. You may request a credit scorefrom consumer reporting agencies that create scores or distribute scores used in residentialreal property loans, but you will have to pay for it. In some mortgage transactions, you willreceive credit score information for free from the mortgage lender.You have the right to dispute incomplete or inaccurate information.If you identifyinformation in your file that is incomplete or inaccurate, and report it to the consumerreporting agency, the agency must investigate unless your dispute is frivolous. Seefor an explanation of dispute procedures.Consumer reporting agencies must correct or delete inaccurate, incomplete, orunverifiable information.Inaccurate, incomplete or unverifiable information must beremoved or corrected, usually within 30 days.However, a consumer reporting agency maycontinue to report information it has verified as accurate.S A M P L E
88M o r t g a g e L e n d i n g P r i n c i p l e s & P r a c t i c e sConsumer reporting agencies may not report outdated negative information.In mostcases, a consumer reporting agency may not report negative information that is more thanseven years old, or bankruptcies that are more than 10 years old.Access to your file is limited.A consumer reporting agency may provide information aboutyou only to people with a valid needusually to consider an application with a creditor,insurer, employer, landlord, or other business. The FCRA specifies those with a valid needfor access.

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Term
Fall
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The Land, Mortgage loan, Federal Home Loan Mortgage Corporation

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