Credit Reporting: Do You Know What Your Rights Are?
Feb
15
Written by:
2/15/2011 10:27 AM
Credit Reporting: Do You Know What Your Rights Are?
Our information is everywhere. We shop online, save it for e-billing, lose our checking account statements, credit cards and more. That’s why it’s so important to keep tabs on your credit score to ensure your private information is correct and protected. I know dozens of colleagues and business owners who have fallen prey to erroneously reported charges from collection agencies among other fraudulent charges or mis-reporting from banks or credit card companies.
The best way to combat this is to stay informed. Per the Federal Trade Commission, "the Fair Credit Reporting Act requires each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months." A credit report includes information on where you live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy; these reporting companies take your personal data and sell it to endless vendors such as creditors, insurers or other businesses that will use to assess your credit applications.
There’s a multitude of ways to request your free report. You can order online, over the phone or by mail. You will need confidential personal information to verify your identity so be prepared. Also, don’t be fooled or mislead by other sites that offer free reports but only with the purchase of other products or services. Make sure that if you order online, order directly from www.annualcreditreport.com.
For more information, head over to the Federal Trade Commission’s website at:
http://www.ftc.gov/bcp/menus/consumer/credit/rights.shtm.