fis200_week5_reading2ch8

Obtain a free copy of your credit report from the

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• Obtain a free copy of your credit report from the credit reporting agency that produced the report if you are denied credit, insurance, employment or a promotion because of negative information in the report. How- ever, you must request your free report within 60 days of being notified of the denial. The creditor, insur- ance agency, or employer who turns you down be- cause of your credit record information must provide you with the name and address of the credit reporting agency that provided it with your report. You are also entitled to a free report if your employer demotes or fires you in whole or in part because of your credit record information, or if your insurance company or a creditor takes an adverse action against you for the same reason. For example, the insurance company raises the cost of your premium or a creditor reduces your credit limit or raises your interest rate. Again, you must request your free report withing 60 days of being notified of the action for the report to be free. In addition, you are entitled to a free credit report if you are the victim of fraud, including identity theft. (continued) Credit Reporting Agencies, Reports, and Scores 163
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Credit Hell • Have inaccurate and out-of-date credit information corrected or removed as appropriate, assuming that the credit bureau reporting the information conducts an investigation and confirms that the information is inaccurate or out-of-date. Have a credit bureau that corrects your credit record as a result of an investigation notifyany employers who re- viewed your credit history during the previous two years, or anyone else who may have looked at it over the past six months. However, you must request that the employers be notified and you must provide the credit reporting agency with their names and addresses. Prepare a written statement of 100 words or less and have it added to your credit history when a credit bu- reau’s investigation does not correct a problem in your credit file. In your statement, you can explain why you believe that your credit history is inaccurate. The credit reporting agency must make the statement a part of your credit file so that anyone who reviews it can read the statement. However, given that computers not hu- mans review most credit files these days, written state- ments are of little use. Furthermore, they can hurt your chances of modifying your credit report later. File a lawsuit against a credit bureau, a business that provides information about you to a credit bureau or a business that uses your credit record information under certain circumstances, if the business willfully or negligently violates your FCRA rights. 164 Exhibit 8 8.1 88 Continued
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added to it, you should order a copy of your credit record from each of the three national credit bureaus every six months so you can be sure that all of the information is ac- curate. You should also review your credit records before you apply for important credit; a new job or promotion; a place to rent; or a government license, security clearance, or government benefit.
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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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