Improving your Credit & Maximizing your Borrowing, Part 4

Here are your rights within the Credit Reporting Act:

·         To be aware of what your credit says about you; and a list of everyone who has requested it recently.

·         Before any one is given access to your credit file, he or she must have your written or verbal consent or notify you by mailing you a notice.

·         Your report may only be given to a person seeking information only for the purpose of extending credit or collecting a debt; tenancy inquiry; employment or insurance verification; a direct business requirement.

·         The right to be told by a credit reporting agency the substance and sources of information it collects about you.

·         The right to know the name, address and phone number of the credit reporting agency responsible for preparing the credit file used to deny you credit.

·         If you are denied Credit due to information on your credit file, you are entitled to a free copy of your Credit File if you make a request within 30 days of denial.

·         The right to have investigated within a reasonable amount of time, information that you believe is inaccurate or outdated.

·         The right to have inaccurate information deleted from your credit record if a credit reporting agency’s investigation finds erroneous information.

·         The right to have disputed information on your credit file deleted if the credit reporting agency cannot verify it through investigation.

·         The right to include a brief statement that will become a permanent part of your credit record explaining your side of any dispute that cannot be resolved.

·         The right to have negative credit-related information, such as unpaid debts, judgments, and bankruptcies removed from your credit file after 6 years.

·         The right to sue a credit reporting agency on the condition that it deliberately or negligently violates the law.

There are many things to consider with Credit!  The Credit Bureaus are for profit companies, they are not government organizations.  Always do what you can to pay less interest and maximize your lending.  Sometimes the best time to get credit is when you don’t need it.  If you get a line of credit and don’t use it, you pay nothing until you use it!  Please don’t hesitate to contact us if you are looking for more info in regards to your credit or obtaining credit.