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Understanding Your Credit HistoryThe Fair Credit Reporting Act controls how your credit history is kept, used and shared among lenders. It is designed to promote accuracy and ensure the privacy of the information used in credit reports. The three major Credit Reporting Agencies have credit files on millions of consumers nationwide.www.annualcreditreport.com is the official site to help consumers to obtain their free credit report. Under the Fair and Accurate Credit Transactions Act (FACT act), you are entitled to one free credit report (credit file disclosure) in a 12 month period. To request this free annual disclosure you may contact them on-line at: www.annualcreditreport.com. You can also contact them to request this free credit report annual disclosure by calling toll free 1-877-322-8228 or by using the mail request form available on the website: www.annualcreditreport.com. Contact information for the three major credit reporting agencies is as follows: Equifax Experian Trans Union
If you find inaccurate or incomplete information in your report:
Credit Report Access Only people with a legitimate business need can get a copy of your report. An employer or a prospective employer can only get your credit report if you give written consent. Creditors, employers, or insurers cannot get a report that includes medical information without your approval. Duration of Negative Information A Credit Reporting Agency can report negative information for seven years, and bankruptcy information for ten years. Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer. When Your Debt Is out of Control If you ever find yourself in a situation where you can't make a monthly payment, notify your credit card issuer and work out a modified payment plan that reduces your payments to a more manageable level. Be cautious about turning to a debt counseling company to solve your debt problems. Avoid paying such a firm in advance until you find out what the company can really do. Before you sign a contract, check out the organization with the U.S. Better Business Bureau or with your local consumer protection agency. Counseling services provide assistance to individuals having difficulty budgeting their money and/or meeting necessary monthly expenses. Many organizations, including credit unions, cooperative extension services, family service centers, and religious organizations, offer free or low-cost credit counseling. The National Foundation for Consumer Credit Is There to Help (NFCC) NFCC has 1,400 members that provide money management techniques, debt payment plans, and educational programs to help consumers learn to budget and use credit wisely. Many of its members are locally managed nonprofit agencies operating under the name Consumer Credit Counseling Service (CCCS). To locate the nearest NFCC member, call toll-free, 24 hours a day 1-800-388-2227, or visit its website at http://www.nfcc.org/. Myvesta.org is the nation's first nonprofit Internet-based debt counseling service. It assists families and individuals with debt, credit, money and financial problems through its website at http://www.myvesta.org/, as well as through one-on-one counseling at 1-800-680-DEBT.
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