Home > Free Credit Report > Free Credit Report: Know Your Legal Rights
Free Credit Report: Know Your Legal Rights |
|
A credit report is a factual record of your credit payment history. And the best way to find out your credit score is to apply for an instant credit report. Depending on where you live, you can now get copy of your instant credit report, from any of the three major consumer reporting companies. Under a new law constituted, consumers in 13 western states have been able to place orders for instant credit report(s). Colorado, Georgia, Maryland, Maine, Massachusetts, and New Jersey, are some of the states where the law has come into effect.
An instant credit report contains a lot of your personal information. It not only has your name, addresses (present and past), social security numbers, and phone numbers. It also has information about late payments reported by utility companies, hospitals, landlords, and others. Therefore, it's important for you that you should your legal rights as a consumer, with regard to the instant credit report. The Federal Fair Credit Reporting Act (FCRA) and state laws have placed restrictions on who has access to this sensitive credit information and what uses can be made of it. Besides, the three major credit-reporting agencies have also adopted voluntary guidelines to enhance the efficiency of their customer service. So, under all these laws and guidelines, you're allowed to obtain a free copy of you instant credit report from any of the three national credit bureaus. But your eligibility for a free copy of instant credit report is based on the rollout schedule set by federal law. So, your eligibility is determined by your state of residence. You also have the right decide who shall receive a copy of your free credit report as well as the right to dispute any inaccurate information. You can also ask the credit reporting agency to explain the negative information on your report. You also have the right to refuse any credit reporting agency the right to use your information in your instant credit report for marketing purposes. You can also contact the suitable government agency or file a lawsuit against an agency that has shown illegal and fraudulent action against your name. Financial experts recommend that you check your instant credit report at least once a year. This is not only to get up-to-date about your credit condition, but also to determine if you've been a victim of identity fraud, as well as to check and see if there is any inaccurate information. The agencies need not inform you of any suspected identity fraud. Your future credit depends on your credit score, which is determined by reviewing several crucial factors including repayment habits, amount of outstanding debts, numbers of accounts that you have in your name and so on. So, if your credit score is bad, your loan or credit card application might be rejected. Hence, you need to keep track of your credit score with instant credit report. It's a confidence building measure. Though, by law you're entitled to get a free copy of your credit report, there is usually a charge for reports. The only time you're entitled for a free instant credit report is if your request comes within 60 days of having been denied credit, employment, or insurance as a result of a credit report. But you are also entitled to a free copy of the report, once a year, if you certify in writing that you're unemployed and plan to look for a job within 60 days, or that you're on welfare, or that your report is inaccurate because of fraud. If you don't check your report regularly, you might find out too late, that you've been a victim of identity fraud. And by then, it would be too late and your credit score would be seriously damaged. So, even if you don't have any problem with your credit score, it is best it you check your report regularly, to keep an eye on things. |
|
| ------------------------ |
|---|
|
|
| ------------------------ |
|---|
|
|
|
|
| ------------------------ |
|---|
|
| ------------------------ |
|---|
Custom Search
|
| ------------------------ |
|---|
|
|
| ------------------------ |
|---|
Consumer Alerts | About | Bookmark Us | Contact | Espanol | Privacy Statement | Copyright | Terms & Conditions | Financial Widgets | SiteMap
Copyright © 2006 Credit Loan, LLC. 235 APOLLO BEACH BLVD, STE 218 Apollo Beach, Florida 33572 All rights reserved.
Disclaimer: The content provided on CreditLoan.com is for informational purposes only; do not make any financial decisions based on its content. Financial decisions are personal, based on an individual's situation. Consult with a financial professional before making any financial decisions. CreditLoan.com is not liable for your financial actions.
