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FTC & Credit Repair
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The Federal Trade Commission (FTC) is the nation's consumer protection agency. The FTC's Bureau of Consumer Protection works for the Consumer to prevent fraud, deception, and unfair business practices in the marketplace.
The Fair Credit Reporting Act
The Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of the nation's consumer reporting companies. The FTC enforces the FCRA with respect to these companies. Recent amendments to the FCRA expand consumer rights and place additional requirements on consumer reporting companies. Businesses that provide information about consumers to consumer reporting companies and businesses that use credit reports also have new responsibilities under the law.
Here are answers to some of the commonly asked questions consumers have asked the FTC about consumer reports and consumer reporting companies.
Do I have a right to know what's in my credit report?
You have the right to know what's in your report, but you have to ask for the information. The consumer reporting company must tell you everything in your report, and give you a list of everyone who has requested your report within the past year — or the past two years if the requests were related to employment.
What type of information do consumer reporting companies collect and sell?
Consumer reporting companies collect and sell four basic types of information:
Identification and employment information: Your name, birth date, Social Security number, employer, and spouse's name are noted routinely. The consumer reporting company also may provide information about your employment history, home ownership, income, and previous address, if a creditor asks.
Payment history: Your accounts with different creditors are listed, showing how much credit has been extended and whether you've paid on time. Related events, such as the referral of an overdue account to a collection agency, also may be noted.
Inquiries: Consumer reporting companies must maintain a record of all creditors who have asked for your credit history within the past year, and a record of individuals or businesses that have asked for your credit history for employment purposes for the past two years.
Public record information: Events that are a matter of public record, such as bankruptcies, foreclosures, or tax liens, may appear in your report.
Is there a charge for my credit report?
Under the Free File Disclosure Rule of the Fair and Accurate Credit Transactions Act (FACT Act), each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — is required to provide you with a free copy of your credit report once every 12 months, if you ask for it.
How do I order my free report?
The three nationwide consumer reporting companies use one website, one toll-free telephone number, and one mailing address for consumers to request their free annual report. To order, click on annualcreditreport.com, call 1-877-322-8228 , or complete the Annual Credit Report Request Form found by clicking ftc.gov/credit. You are permitted to request all 3 of your free annual reports at once. The law allows you to order one free copy from each of the nationwide consumer reporting companies every 12 months.
A Warning about "Imposter" Sites
The FTC advises consumers who order their free annual credit reports online to be sure to correctly spell annualcreditreport.com, or link to it from the FTC's website to avoid being misdirected to other websites that offer supposedly free reports, but only with the purchase of other products. While consumers may be offered additional products or services while on the authorized website, they are not required to make a purchase to receive their free annual credit reports.
What information do I have to provide to get my free report?
You need to provide your name, address, Social Security number, and date of birth. If you have moved in the last two years, you may have to provide your previous address. To maintain the security of your file, each nationwide consumer reporting company may ask you for some information that only you would know, like the amount of your monthly mortgage payment. Each company may ask you for different information because the information each has in your file may come from different sources.
Again, annualcreditreport.com is the only authorized online source for your free annual credit report from the three nationwide consumer reporting companies.
Are there other situations where I might be eligible for a free report?
Under federal law, you're entitled to a free report if a company takes adverse action against you, such as denying your application for credit, insurance, or employment, and you ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. You're also entitled to one free report a year if you're unemployed and plan to look for a job within 60 days; if you're on welfare; or if your report is inaccurate because of fraud, including identity theft. Otherwise, any of the three consumer reporting companies may charge you a fee for another copy of your report within a 12-month period.
To buy a copy of your report, contact:
Equifax
1-800-685-1111
equifax.com |
Experian
1-888-397-3742
experian.com |
TransUnion
1-800-916-8800
transunion.com |
Under state law, consumers in Colorado, Georgia, Maine, Maryland, Massachusetts, New Jersey, and Vermont already have free access to their credit reports.
Contact us today to learn more about how Pegasus may be able to help you. |
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