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What is Your Credit Rating?
Anyone who has ever had a bank account, a mortgage, a credit card, a car loan, an account with a retail store etc. will almost definitely have a credit rating.
Most information in your credit rating comes from companies you have credit with such as the banks, department stores, finance companies etc. as well as from certain public records such as lawsuits, tax liens, judgments and bankruptcies.
In accordance with Federal Law, accurate Negative information, such as late payment or an account turned over to a Collection Agency can remain on your credit report for seven years.
If you have been denied credit, insurance, a job or rental dwelling opportunity because of information contained in your credit report, you are entitled to a complimentary copy of your report within 60 days. If after checking you believe the information to be incorrect you may file a brief statement explaining why. Inaccurate information on your credit may be removed but no one can have accurate, current or verifiable information removed from your record.
Credit reports are usually divided into five sections:
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Your credit history
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By who your history has been reviewed by
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Information you have given to the Credit information company
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Specific Identification information on you
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Explanatory notes and comments
Different States have different conditions and it is important that you check with your circumstances especially in California, Colorado, Connecticut, Maryland, Massachusetts and Washington.
Fed study finds many credit bureau files are missing key information that could cost you big money when you go to buy a home.
What is the FACT Act?
The Fair and Accurate Credit Transactions Act (FACT Act) was signed into law in December 2003. The FACT Act, a revision of the Fair Credit Reporting Act, allows consumers to get one free comprehensive disclosure of all of the information in their credit file from each of the three national credit reporting companies once every 12 months through a Central Source.
Will everyone be able to get their free statutory annual credit file disclosure at the same time?
Consumers will be able to get their statutory annual credit file disclosure beginning Dec. 1, 2004. During the first year, consumers will be able to request their disclosure based on a regional roll-out plan. Please see the chart below to determine when residents of your state are eligible to request their free annual credit file disclosure.
How can I request my free statutory annual credit file disclosure?
The FACT Act required that the national credit reporting companies establish a Central Source through which you will request the statutory free annual credit file disclosures. You may contact the Central Source by visiting
www.AnnualCreditReport.com
or calling (877) FACTACT. Once your region qualifies to request a free annual disclosure, you may make a request online, by telephone, or in writing.
How often can I get a free credit file disclosure?
The FACT Act entitles consumers to get one free statutory credit file disclosure from each of the three national credit reporting companies once per year. Because of state law, residents of Georgia can receive two free credit reports per year.
Three leading Consumer Credit Companies are:
TransUnion: 800-916-8800
www.transunion.com
Experian: 888-397-3742
www.experian.com
Equifax: 800-685-1111
www.equifax.com
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