Did you know that each and every consumer, by law, is entitled to receive their credit reports for free one time every twelve months from all three credit reporting bureaus? This comes from the Fair Credit Reporting Act amended most recently in October 2001. The act, know more commonly known as the FCRA was originally put into place in 1970 and is monitored by the Federal Trade Commission (FTC). The Fair and Acurate Credit Transactions Act (FACTA) is an amendment to the FCRA enacted in 2003 allowing consumers to receive one free credit report a year. Consumers can request the report by phone (877-322-8228), mail (Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281), or through the website provided by the government annualcreditreport.com
This credit act also states that if a consumer disputes any negative part of their credit report and it is successfully removed from their report, a credit reporting agency cannot place it back on without notifying the customer within five days, in writing. It also protects consumers from negative reports lasting over 7 years. Credit reporting bureaus are now required to discard old delinquencies and other negative issues after 7 years. There are certain exceptions as there are to every rule, such as mortgages (they may keep for 10),and tax liens (may be kept 7 years from the time they are paid off).
So,who are these Credit Reporting Agencies or Bureaus and what exactly do they do? The three credit agencies are Experian, Equifax and TransUnion. Lenders are also required to inform consumers if they are reporting a bad credit mark to any of these agencies, and agencies will inform them that their credit scores have been updated.
Receiving these credit reports annually will also help you to combat negative items on the report and help prevent identity theft, if you are keeping an eye on your own reports. You can also have your credit frozen, so that no one can run your credit, or do anything with your credit score or report without your acknowledgement and approval. You will also be notified every time something relating to your credit changes.
If you request your credit report online, you will be able to view it immediately as soon as you verify your identity, so if you are looking to see your credit report fast, that might be the way to go.
Is your credit bad, and you don’t know what to do? Check City offers netspend Prepaid Debit Cards. In order to use them, you must preload them with all the money you plan to use. When that money runs out, you must reload the card before you can make another purchase. This will help you not over spend, and avoid overdraft fees, etc. When you go with a netspend Prepaid Debit Card, it is reported as good credit on your credit reports and we don’t need to run your credit to get a card. Did you know that every time someone runs your credit report it decreases? Avoid all the hassle and raise your credit score at the same time. Visit Check City today to get your Prepaid Debit Card.
