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Your Right To Know What's in Your Credit ReportIf you've ever taken out a loan or had a credit
card in your name, you have a credit report. Do you know what your
credit report says about you? More importantly, do you know how to
correct mistakes on your credit report? Credit reporting agencies, most commonly known as
credit bureaus, compile and sell your credit information. The credit
bureau is responsible for ensuring that your credit history is
accurate and only given to appropriate people, including: The Fair
Credit Reporting Act controls how your personal information is
maintained with various agencies. It's All About YouHow do you know what information is kept on file for
you? You should get a copy of your credit report. Under the Fair
and Accurate Credit Transactions Act (an amendment enacted in
2003 to the Fair Credit Reporting Act), you are entitled to a free
copy of your credit report once a year. To get a free copy of your
credit report, visit the website www.annualcreditreport.com.
Be aware that not all "free" credit reports are really
free, as explained in an FTC article about free
annual credit reports. You can also obtain your credit report
from the three major credit bureaus: Remember that each credit bureau maintains its own
database and may not always have the same information as the other
two. It's a good idea to check them all. For more information on
credit reports, see the State of Indiana's article Fair
Credit Reporting: What Is a Credit Report? You Found an Error – Now What?Some credit bureaus request written notification of
an error, while others will accept a phone call. Review the credit
report carefully, and if you find an error, report it to the credit
bureau right away. The instructions for reporting errors are
generally listed on the credit report or on the accompanying
literature that you receive. All credit bureaus must act on your
request within 30 days. If it is determined that an error does exist
on your credit report, the Fair Credit Reporting Act requires that
the inaccurate information be properly removed or corrected. See
Acorn Housing's tipsheet How
To Correct Your Credit Report. Credit Bureau Mailing ListsYou probably think the only companies that have
access to your credit report are the ones where you do business. This
is not true. Creditors and insurers who are shopping for more
customers can also use your credit report. These companies buy credit
information from the credit bureaus and then send direct mail pieces
offering their services to people who meet their minimum
requirements. Have you ever wondered why you get so many credit card
offers in the mail? It's because one or more of these companies has
purchased your credit information. If you'd rather not receive these
offers, you can have your name and address removed from the credit
bureau mailing lists by calling 888-5OPTOUT (567-8688). For more
information about getting off a credit offer list, read the
Bankrate.com article Checking
Out the Opt Outs. You may have additional rights under the laws of your
state. For more information, contact your state's consumer
affairs office. Or you can find your state's Attorney General by
visiting the National Association of Attorneys General website atwww.naag.org. To learn more about credit reports and your rights,
read the CareOne Credit Knowledge Center credit
report articles . Take control of your finances with our debt help tools. Use ourcalculators
and budget
planner to help you manage your money.
Related Credit Report articles:Are
You on File with Credit Reporting Agencies? Knowing what is
included in your file with the credit bureaus is invaluable in
helping you to keep your credit score on the up and up or repairing
it if you need to. Mistakes occur more frequently than you think,
and human error can hurt your FICO score and your ability to get
financing for loans down the road. Understanding how FICO scores are
calculated will help you manage your debt by making payments
appropriately and in a priority order. Know your rights as a
consumer to dispute errors and have inaccurate information removed,
along with the definition of each type of inquiry and how it can
affect your credit score. Credit
Repair: Making Sure Your Report is Accurate - Human errors
on a credit report can hurt your debt
management efforts by creating debt that doesn't belong to you
or not reporting debt that you have paid off. These errors make your
score suffer and your ability to get competitive financing as a
result. Regular report checking and error-control should be a part
of your overall financial and debt management plans.
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