Credit Bureau Reporting
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Credit Scoring

A Credit Score is a snapshot of your credit risk picture at a particular point in time. A number of lenders use it to help them decide: Should I give this person a loan or credit card? Will I get paid back on time? Listed below is information to help you understand how Credit Works.

If you have been denied credit because of negative information in your credit report, you may ask which agency provided your credit history and then obtain a copy of your report from that agency. In addition, you are entitled to one free report  within a limited time period if :

1. You are unemployed and plan to seek employment within 60 days

2. You are on welfare,

3. Your report is inaccurate due to fraud.

Each credit agency uses a different report format. When you request a copy of your report, the agency should include information to help you understand it. This is the law that governs the Credit Reporting. Fair Credit Reporting Act

What can you do if there is Negative
Information in your Report?

If you find negative information in your credit report that is correct, you can:

1. Pay any balances so that creditors can update your file.

2. Wait the required length of time for negative information to be taken off.

3. Write a brief statement to be included in future reports. While the law limits this information to disputes, most credit agencies will include explanations, such as unemployment.

Accurate information cannot be removed from your credit report. If you have any questions with regard to this "fixing your credit report," you can contact the Federal Trade Commission. FTC WEB SITE

What can you do if
there is Incorrect Information?

• If you find there is incorrect information in your credit report, you can:

• Request, in writing, an investigation which will be made within 30 days.

• Contact the creditor, in writing, and if you are not able to resolve the dispute, the creditor must report it to the credit reporting agency.

If any deletion or notation is made regarding the information, you may request that the new information be sent to any employer who has received a credit report during the past two years and, in addition, anyone else who has requested credit information in the previous six months.

YOU HAVE OTHER RIGHTS AND YOU MY FIND OUT MORE BY CONSULTING AN ATTORNEY OR THE FEDERAL TRADE COMMISSION IN YOUR AREA