Federal Credit Laws
...... and finds it correct, they must report it as being disputed by the consumer.
(d) Credit reports are free for those who are unemployed, on public assistance and fraud victims. Credit reports are free if you have been turned down for credit or insurance in the past 60 days based on information in your credit report. A copy of your credit report outside of the previously mentioned circumstances are $8.00.
(e) A creditor must report an account as closed when a consumer closes his account.
Scoring For CreditFTC, October 1993 How does a creditor decide whether to lend you money for such things as ..... (f) If an employer wants to review an employee's credit report, or a prospective employee, they first must get written permission from the person they want to review. If adverse action is taken against the employee because of information obtained from the report, the employer must provide the employee a copy of the credit report and a description of their credit rights.
(g) Consumers who request their report must be shown the full trade name of anyone who has requested their credit report in the past year (two years if inquiry made by employers). If requested the Credit bureau must give the names, addresses and phone numbers of those companies that made an inquiry. Prescreening cannot be shown to anyone but the consumer.
Save MoneyConsumer Literacy Consortium Transportation Airline Fares 1. You can lower the price of a roundtrip air fare by as much as two-thirds by ..... (h) Credit reporting agencies must offer toll-free numbers to anyone wishing to be removed from lists allowing prescreening of their credit report. The bureaus must share requests with other bureaus concerning consumers wanting to be removed from prescreening.
(i) Insurance or credit companies that use prescreening to pre-approve customers must make a FIRM offer of credit to anyone who meets the initial prescreening offer. Unless something has changed since they prescreened your credit, creditors must follow through on a pre-approval offer.
(j) If you have charged off debts the time period of seven years is the maximum time allowed on your credit report. Unlike the past, the reporting period for collection, and profit and loss does not start when the creditor gets around to reporting it, often that was a year later. The reporting period will start 180 days after the payment should have been made.
(k) One of the most interesting provisions is that lenders may show consumers their credit report if they have taken adverse action based on information in the report. This does away with the hide and retreat tactic that a lot of lenders used to use before.
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