60 MINUTES EXPOSES CREDIT REPORTING AGENCIES MISTAKES

60 MINUTES EXPOSES CREDIT REPORTING AGENCIES' MISTAKES 60 Minutes exposed the credit reporting agencies' mistakes in its investigative report.  Reporter Steve Kroft interviewed one consumer who discovered credit report errors when she was denied credit at a department store.  She requested her credit report from the bureaus, but the credit reports she received looked okay.  What she later discovered … Continue reading 60 MINUTES EXPOSES CREDIT REPORTING AGENCIES MISTAKES

HOW DO I GET A FREE CREDIT REPORT?

Under the Fair Credit Reporting Act (FCRA), consumers are entitled to one free credit report in a 12 month period.  The federal law provides consumers with one free credit report from each of the three major national credit reporting agencies (CRAs, i.e., Experian, Equifax and Trans Union).  Click here for a free credit report.  Consumers should … Continue reading HOW DO I GET A FREE CREDIT REPORT?

OFAC ALERT – HAVE YOU APPLIED FOR CREDIT AND BEEN DENIED?

Have you applied for credit and been denied because your credit report had a OFAC alert?  Keep reading....An OFAC alert is an alert given to your potential creditors (landlords, car dealers, credit card companies) when your name matches a name on the Treasury Department's Office of Foreign Assets Control (OFAC) watch list.  The persons named on the OFAC list are … Continue reading OFAC ALERT – HAVE YOU APPLIED FOR CREDIT AND BEEN DENIED?

HOW LONG DOES A TAX LIEN STAY ON MY CREDIT REPORT?

The length of time that a tax lien may stay on your credit report depends on the payment status of the lien.  Paid (or satisfied) tax liens may not be reported more than 7 years after the date of payment.  15 U.S.C. 1681c(a)(3).  Tax liens that are un-paid may be reported for more than 7 … Continue reading HOW LONG DOES A TAX LIEN STAY ON MY CREDIT REPORT?

HOW DO I GET A LOW INTEREST RATE?

Everyone wants to get the lowest possible mortgage rate -- so how do you go about getting it? 1.  Have Good credit The first thing is you need to have good credit -- that's a no brainer. The higher your credit score, the less interest you'll have to pay. One thing to remember about credit … Continue reading HOW DO I GET A LOW INTEREST RATE?

FTC SAYS CREDIT REPORT RESELLERS ALLOWED HACKERS TO ACCESS CONSUMERS’ INFO

The Federal Trade Commission has settled charges against credit report resellers for not taking reasonable steps to protect consumers' personal identifying information. The credit report resellers, SettlementOne Credit Corporation, ACRAnet, Inc., and Fajilan and Associates, Inc., also doing business as Statewide Credit Services are required to strengthen their data security according to the FTC order. The FTC … Continue reading FTC SAYS CREDIT REPORT RESELLERS ALLOWED HACKERS TO ACCESS CONSUMERS’ INFO

DOES MY LENDER GET THE SAME CREDIT SCORE I GET?

Consumers have the right to request (for a fee) their credit score from the three nationwide consumer reporting agencies, Equifax, Experian and Trans Union.  Is the credit score consumers receives the same score provided to lenders?  No, according to a recent Consumer Financial Protection Bureau (CFPB) report. In its July 20, 2011 report, the CFPB … Continue reading DOES MY LENDER GET THE SAME CREDIT SCORE I GET?

TELETRACK TO PAY $1.8 MILLION TO SETTLE FCRA CLAIMS

Teletrack, Inc. has agreed to pay $1.8 million to settle Federal Trade Commission's (FTC) charges that it violated the Fair Credit Reporting Act (FCRA).  The FTC  alleged Teletrack sold consumers' credit reports to marketers without a permissible purpose. According to the FTC complaint, Teletrack sold consumer credit reports to payday lenders, rental stores, and sub-prime … Continue reading TELETRACK TO PAY $1.8 MILLION TO SETTLE FCRA CLAIMS

CREDIT REPORT SCAM EXPOSED

Don't be fooled by websites that claim to offer free credit reports.  There is only ONE free annual credit report website annualcreditreport.com.  We recently discovered a sham free credit website annualcreditreport.info.  See the difference? It's the domain name.  .Info versus .com.  This is a simple trick used by legitimate and not-so-legitimate companies to make users … Continue reading CREDIT REPORT SCAM EXPOSED