CreditSpecialtyReportsAndCreditScores-ConsumerAction.ppt

* * Reporting agencies compile and sell information about individual consumers. Different agencies compile different reports. Businesses use the reports as part of their decision-making process. These decisions can have a big impact on your life and goals. Under FCRA and FACTA you are entitled to a free credit report from the three credit reporting agencies every 12 months: Equifax, Experian, and TransUnion. FACTA also gives you the right to specialty consumer reports every 12 months. Credit Reports contain a history of how you’ve paid your bills and handled your financial obligations. Data come from credit applications, current and past accounts, and public records. Credit reports are the most widely used type of consumer report. Anyone with a “permissible purpose” under the law can obtain your report. The three major credit reporting agencies are Experian, TransUnion and Equifax. Lenders and others use the information in your credit report to determine whether to do business with you and how much to charge--the better your report, the more likely it is your application will be approved and the better the interest rate (or price) you’ll get. Credit reports are not only used by lenders, they’re also used by insurance companies, employers, landlords, and others. In some cases, some of the information in your credit report will even be included in certain specialty reports. This includes, but is not limited to, anyone considering you for employment, a loan or other credit, insurance, or a property rental. Your permission is generally required, and is usually obtained when you sign an application for these services. Potential employers must obtain written permission. Debt collectors can obtain your credit report without permission. Credit reporting agencies are also known as credit bureaus. * Personal identifying info: name, birth date, Social Security number, current and previous addresses, employers Trade lines: Trade lines are your credit accounts such as your m