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The Fair Credit Reporting Act (FCRA) and the recent update to this law called the Fair and Accurate Credit Transactions Act (FACTA) protect consumers against inaccurate information being reported by credit bureaus and the privacy of that information. What does this mean to you?

Credit Pacific Service Union When you make purchases on a credit card, make payments to your accounts, open new bank or credit accounts, borrow money, buy a house or a car, and even fund your education, your financial information is reported by creditors and lenders to a credit bureau.

Under The Fair Credit Reporting Act (FCRA), consumers have a right to a free credit report on themselves in certain circumstances.

Credit First Service Union The three major credit agencies that serve as clearinghouses for this information are Equifax, Experian, and TransUnion. Each lender and credit company may report your information to a different agency, depending on the location of the business and the service agreement between the companies, so each credit agency might print very different information on your credit report.

Yes. FACTA (the Fair and Accurate Credit Transactions Act) lets consumers get one free credit report a year from each of the three national credit reporting companies. To obtain that free report, you must go to www.annualcreditreport.com. What is a 3 bureau credit report A 3 bureau credit report lists all of your credit from all three national credit reporting agencies (Experian, Equifax, and TransUnion). 1 credit reports or 3 agency credit reports.

Card Credit Mobile Service According to the FCRA, you have the right to know what is on your credit report if you ask for it. You can contact each of the credit bureaus separately and pay for a report at any time. However, if a company refuses you credit, employment, or insurance, you may request a free copy of your report within 60 days. Simply ask the company that denied you credit for the name and contact information of the credit bureau they use. In addition, all three agencies must provide a free copy of your report in cases where you have been the victim of fraud or identity theft.

You are entitled to a free online credit report When you want to do a credit check, in the world of online credit reports, you have many options available to you. Under The Fair and Accurate Credit Transactions Act (FACT Act), the three major credit bureaus (Equifax, Experian, and TransUnion) are required to provide all U.S. citizens with an annual free credit report upon request. The federal government established an official website, AnnualCreditReport.com, to provide consumers with a safe, secure site through which they can order their free online credit reports.

Card Credit Discover Service Due to the recent changes by the FACTA, you will be entitled to one free copy of your report from each agency per calendar year, effective in all states by the end of 2005. (You can order it at www.annualcreditreport.com ) For example, if you order a report from Equifax in June of 2005, you may request a free report in June 2006. The credit bureaus must also supply you with a list of everyone who has requested your report in the last year.

In general, one would expect credit scores and credit reports to play a key role in evaluating a consumer's credit worthiness. In fact, the federal law known as the Fair Credit Reporting Act (FCRA) specifies that credit reports can be used for "credit, insurance, and employment purposes."

Credit Public Service Union The FCRA requires that all credit bureaus and all information providers, such as lenders, credit card companies, or landlords, correct any inaccuracies that they are aware of in your report. If you find inaccurate or incomplete information in your credit report, notify all three agencies by phone and follow up in writing by using certified mail, return receipt requested, so you will have documentation of all requests and responses by the bureaus.

In the unlikely event unauthorized use of your credit card occurs, follow the reporting procedures defined by your credit card provider and contact us at sales@razorgator.com immediately. Most credit card companies cover all charges that result from unauthorized use of your credit card or may limit your liability to $50. the maximum liability allowed under the Fair Credit Billing Act. For additional information on the Fair Credit Billing Act, contact the Bureau of Consumer Protection or visit the Federal Trade Commission web site at www.ftc.gov.

Card Credit Processing Service Also send a request for the correction in writing to the information provider. If the provider finds that the inaccuracy is substantiated, they must notify all national credit bureaus of the correction. If the dispute results in a change, the credit bureau is required to provide you with written results and a free copy of your adjusted report.

Center Credit Service Union Privacy is a serious issue when it comes to your personal information, and the FCRA includes provisions to guard the privacy of your credit report. Your employer or a potential employer may only gain access to your credit history with your consent. An employer, insurer, or creditor cannot access a report that contains your medical information without your approval. Only people with a legitimate business need, such as an application for credit or a rental agreement, are allowed under the FCRA to obtain a copy of your credit report.

Card Credit Service Wireless The FACTA has enabled consumers to place a fraud alert on their credit report with one phone call to the credit agency. In cases where you suspect that you are the victim of identity theft, or have simply lost your identifying information, you can stop potential thieves from accessing your credit.

Credit Security Service Union You can also get records from businesses where a thief has used your personal information without your consent, provided you have a copy of the police report detailing your identity theft. These records are invaluable in the process of clearing your name after such a crime.

Credit Report Service Also new with FACTA is the requirement that mortgage lenders and credit bureaus provide consumers with their credit scores upon request. In addition, if an information provider is sending negative information to a national credit bureau for inclusion on your credit report, they must now send you written notification prior to doing so.

Blogspot Com Christian These laws, the FCRA and its newer counterpart the FACTA, have made significant strides toward protecting the consumer from potentially damaging errors and breaches of privacy.

Christian Counseling Credit More information can be found at http://www.apscreen.com

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About The Author:

Credit Monitoring Service Cathy writes on frequently on employment screening and background checks and more of her work can be found at http://www.apscreen.com

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