CURRENT ISSUES
Topics of Interest to Consumers

Receive Free Copies of Credit Reports 

Under the federal Fair Credit Reporting Act (FCRA) each nationwide consumer credit reporting company is required to provide, at your request, a FREE copy of your credit report once each year.

It is important to obtain and review a copy of your reports for the following reasons: 

·        Because the information it contains affects whether you can obtain a loan and what interest rate and terms will be available. 

·        To make sure the information is accurate, complete and up-to-date before you apply for a major purchase like a house, automobile, insurance or apply for a job. 

·        To help guard against identity theft.  ID thieves may use your personal information to open credit accounts in your name.  Then when the bills are not paid, the delinquent account is reported on your credit report.  Inaccurate information may then affect your ability to obtain the credit or job you are seeking. 

A credit report contains information on where you live, how you pay your bills, and whether you have been sued, arrested, or filed for bankruptcy.  Nationwide consumer reporting companies collect the information from many sources and sell the information to creditors, insurers, employers, and others businesses that use it to evaluate your applications for credit, insurance, employment or renting a home.  Currently there are three nationwide consumer credit reporting companies – Equifax, Experian, and Trans Union. 

The three nationwide credit reporting companies have set up one central website, toll-free telephone number, and mailing address through which you can order your free report.  To order, click on www.annualcreditreport.com, call 877-322-8228, or complete the Annual Credit Report Request Form on the reverse side of this flyer and mail it to: Annual Credit Report Request Service, PO Box 105281, Atlanta, GA 30348-5291.  These are the only authorized sources for the reports and if you receive an email or see a popup claiming to provide credit report information from any of the credit reporting companies, do not reply or click on the message – it’s probably a scam.  You may order your reports from each of the companies at the same time or obtain them one at a time.  You will be required to provide detailed information about yourself. 

Your report request will be processed and mailed to you within 15 days.  Once you receive it, you should examine it carefully and dispute in writing any entry you believe is inaccurate.  If your report contains erroneous or incomplete information the reporting company must correct it.  If, after an investigation, the credit reporting company or the information provider won’t correct the information, you may place an explanatory statement in your file and request that it be provided to anyone obtaining your report. 

In general, a reporting company can report most accurate negative information for seven years and bankruptcy information for ten years. 

According to the Fair Credit Reporting Act, anyone denied credit based on information contained in a credit report must be notified.  The company that denied you credit will tell you from what agency they obtained your credit report and how you can get a copy, free of charge if you request one within a reasonable time after receiving the denial letter. 

Contact the Consumer Assistance Council for assistance with problems relating to any of these issues.