fis200_week5_reading2ch8

Businesses or individuals who have your written per

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Businesses or individuals who have your written per- mission to review your credit history. Someone with a court order that entitles them to look at your credit record information. The federal government if it thinks that you may be a risk to homeland security. The IRS if it has a subpoena to review the information in your credit file. • Anyone with a legitimate business need to review your credit file in connection with a business transac- tion that you initiate. You have a right to review your credit record informa- tion at any time. How to Find Out What Is in Your Credit Report The FCRA gives you certain rights when it comes to your the most important is the right to know what is in your credit record. Since new information is constantly being Credit Reporting Agencies, Reports, and Scores credit record. Exhibit 8.1 summarizes those rights. One of 161
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Credit Hell The FCRA and the laws that have amended it give you a variety of important rights when it comes to your credit record. These laws also require credit reporting agencies, the creditors who supply information to them to as well as users of that information to do and not do certain things. If you believe that your legal rights have been vi- olated, schedule an appointment with a consumer law attorney who has specific experience handling such prob- lems. The National Association of Consumer Advocates (NACA) at (202) 452-1989 or at www.naca.net is a good resource for finding a qualified consumer law attorney in your area. If the attorney feels that you have a strong case, you will typically not have to pay any money up-front to be represented. You have the right to: • Request and receive a free annual copy of your credit report from each of three national credit bureaus. This right was established by FACTA. However, initial eligibility for the free report is being phased in geo- graphically. The eligibility roll out schedule is: —Residents of Western States: December 1, 2004 —Residents of Midwestern States: March 1, 2005 —Residents of Eastern States: September, 2005 When your eligibility date arrives, you can obtain your free reports from Equifax, Experian, and TransUnion by contacting just one web site, phone number, or address. To order, visit www.annualcreditreport.com or www.ftc.gov /credit . You can also call (877) 322-8228 and have the form mailed to you. Do not contact the three nationwide con- 162 Exhibit 8 8.1 Your Credit Reporting Legal Rights
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sumer reporting companies individually as you must go through the clearinghouse Receive a free copy of your credit report from each of the national credit bureaus if you are unemployed and intend to apply for employment within the next 60 days. You are also entitled to a free report if you are the victim of identiy theft, or if a collection agency has told you that it reported negative information about you to a credit bureau, or may do so.
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  • Spring '12
  • zinctolg
  • credit score, Credit history, Fair Credit Reporting Act, CREDIT REPORTING AGENCY, credit reporting agencies

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