Easier, cheaper credit report freezes
SACRAMENTO - Gov. Arnold Schwarzenegger Monday signed legislation to put the deep freeze on fees charged for freezing credit reports.
http://weblog.signonsandiego.com
CreditReportBlog.com - Well, we can hardly call this piece of legislation a “deep freeze”. There a few good changes, but anything huge. It calls for the fees charged by credit reporting agencies to now be $10 instead of $12, gives seniors a rate of $5, and calls for agencies to comply to all freezing requests within 3 days. Another little tidbit, requests can now be made through regular mail, instead of only certified mail.
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The Major Credit Bureaus
The 3 major credit bureaus are Equifax, TransUnion, and Experian. These companies collect financial information from various creditors and sell this information in the form of credit reports to lenders or others who have a legitimate use for it. Each individual has a right to see what is contained in their credit report at the various credit bureaus. Individuals are entitled to receive one FREE copy of their credit report from each bureau, once every 12 months. The information contained in the credit reports may be as follows:
· Individual’s full name, address, place of employment, and spouse’s name, if married.
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Get Free Credit-Monitoring Services
The settlement applies to everyone who had an open credit account or open line of credit from any lender from January 1, 1987, to May 28, 2008. Anyone with a credit card, car loan, mortgage, student loan or any other loan qualifies, which means most adults do.
Credit Report Blog.com urges all its readers to take advantage of this great deal. Best of all, nearly everyone is eligible. TransUnion’s monitoring services can be very valuable to consumers, especially when you won’t be paying a dime for them! Read more
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3 bureaus’ credit scores can be widely varied
Most lenders look at a consumer’s credit scores to decide whether to grant a loan and how much to charge. Consumers can buy a report on their credit scores, but these scores vary — sometimes widely. “There is a pervasive myth that there is one credit score,” said Rod Griffin of Experian.
CreditReportBlog.com advises that everyone get a copy of their FREE credit report from each of the 3 credit bureaus. Although most of the time the information should not be too different on all the credit reports, your credit score may vary somewhat depending on few bits of info that one credit bureau may or may not have. Before applying for any type of loan, a consumer should be aware of where they stand, in terms of their credit score. Read more
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How do I correct a mistake on my credit report?
Everyone should take advantage of their right to obtain a FREE credit report for themselves, every 12 months from each of the three credit bureaus. This is the only way you can monitor your own credit file, without paying high fees to a credit monitoring service. Although the FREE credit report will not include a credit score, it will let you view any negative information included in your file. If the negative information is true, complete and accurate, then you can take actions to start improving your credit situation. Read more
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The Fair Debt Collection Practices Act
Although you may have defaulted on your loans and owe creditors their money, remember, you do have the right to be treated fairly by the collection agencies. Creditreportblog.com feels for its readers who are frustrated at being hounded by these collection agencies, leading to a lot of stress in their daily life. In order to keep these aggressive collection agencies in check, the Fair Debt Collection Practices Act was put into place. This act applies to those who work on behalf of creditors to collect outstanding debts from individuals, such as unpaid car loans, mortgages, credit cards, and medical bills. Under this Act, there are certain guidelines that the collection agency must adhere to.
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“Freezing your credit report?”Good idea?
Credit Report Blog (Creditreportblog.com) frequently gets this question about the idea of “freezing your credit report”. However, there are still many who have not heard of this new concept of limiting access to the credit report. The credit report is a key tool and essential part of the decision process of lenders on whether or not to extend credit to individuals. In the wrong hands, however, the credit report can also be the tool used by thieves to cause much financial damage to someone. As a result of the rise in identity thefts across the country, this option of freezing a credit report has come about.
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Settlement results in free credit monitoring service
You can sign up today to receive free credit monitoring services from the credit bureau TransUnion due to a settlement the company reached on a class-action lawsuit.
Credit Report Blog.com would like to advise all consumers that a settlement has been reached in the class-action lawsuit filed against TransUnion Credit Bureau. The lawsuit was filed because TransUnion irresponsibly sold customer information in the form of marketing lists to other businesses. TransUnion denied any wrongdoing, while at the same time, stating that they had stopped the practice as far back as 2001.
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FCRA-Fair Credit Reporting Act
The Fair Credit Reporting Act ( FCRA ) requires that the credit reporting agency must provide complete and accurate financial information to businesses, so that applications can be looked at with all integrity. As an individual, you have certain rights under the FCRA, such as:
· You have the right to know all the information recorded in your credit report.
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What are “Credit Bureaus”?
“Credit Bureaus” are companies that collect information about consumers’ financial activities. There are 3 major credit bureaus: EQUIFAX, EXPERIAN and TransUnion. They collect information from parties that have given you credit in the past, such as stores that may have given you credit cards, or banks that you may have obtained loans from. They then sell this information in the form of a credit report to anyone who has a legally recognized reason to request it. This would include:
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