|
Was I denied credit because
of a "bad credit report"?
How do I locate the Consumer
Reporting Agency that has my file?
Do I have the right to know
what the report says?
Is this information free?
What can I do if the information
is inaccurate or incomplete?
What can I do if the Consumer
Reporting Agency won't modify the report?
Do I have to go in person
to get the information?
Are reports prepared on insurance
and job applicants different?
How long can Consumer Reporting
Agencies report unfavorable information?
Can anyone get a copy of
the report?
Do I have to be told before
someone sees my credit report?
What if I think a Credit
Bureau has violated my rights under the law?
Was I denied credit
because of a "bad credit report"?
If you applied for and were denied credit,
the Equal Credit Opportunity Act requires the creditor who denied
you credit to tell you the specific reasons for your denial. For
example, the creditor must tell you whether the denial was because
you have "no credit file" with a Consumer Reporting
Agency or because the Consumer Reporting Agency says you have
"delinquent obligations." This law also requires that
creditors consider, upon your request, additional information
you might supply about your credit history.
Back
To Top
How do I locate the
Consumer Reporting Agency that has my file?
If your application was denied because of information supplied
by a Consumer Reporting Agency, the company that denied your application
must provide you with the name, address and telephone numbers
of the Consumer Reporting Agency. Otherwise, you can find the
Consumer Reporting Agency that has your file by calling those
listed in the Yellow Pages under "credit" or "credit
rating and reporting." Since more than one Consumer Reporting
Agency may have a file about you, call each one listed until you
locate all agencies maintaining your file.
Back To
Top
Do I have the
right to know what the report says?
Yes, if you request it. The Consumer Reporting Agency is required
to give you all the information in your report and, in most cases,
the sources of that information. However, the Consumer Reporting
Agency is not required to reveal any credit rating or risk evaluation.
You also have the right to be told upon request the name of anyone
who received a report on you in the past 12 months, and you may
also request the address and phone number of each such person.
(If your inquiry concerns a job application, you can get the names
of those who received a report during the past two years.) The
Consumer Reporting Agency will also provide you with a written
summary of your rights under the Fair Credit Reporting Act.
Back To
Top
Is this information
free?
Yes, in certain circumstances. If your application was denied
because of information furnished by the Consumer Reporting Agency,
and if you request a copy of your report within 60 days of receiving
the denial notice you are entitled to the information without
charge. You are also entitled to one free report once in any 12
month period, if you certify in writing that you:
Are unemployed and intend to apply for a job in the next 60 days;
Are receiving public welfare assistance; or
Believe that your report is wrong due to fraud.
If you don't meet one of these requirements, the Consumer Reporting
Agency may charge a reasonable fee, $3.00 in Minnesota and usually
about $8.00 in other states.
Back To
Top
What can I do
if the information is inaccurate or incomplete?
Notify the Consumer Reporting Agency. The agency probably has
a toll-free telephone number. Be as specific as possible. The
agency is required to delete or reinvestigate the items in question.
If the new investigation reveals an error, a corrected consumer
report will be sent to you, and upon your request, to anyone who
received your report in the past six months (Job applicants can
have corrected reports sent to anyone who received a copy during
the past two years.). If you dispute the accuracy of the information
in your file and the Consumer Reporting Agency deletes it, the
agency can not put the disputed information back into your file
without notifying you in writing. If you contact a consumer-reporting
agency to dispute the accuracy or completeness of information
in your file, the reporting agency may forward your dispute to
the creditor or other person who furnished the information to
the agency. But you also should still contact that source of information
directly. Many creditors have a special address for this purpose,
and have a duty to avoid reporting inaccurate information. Also,
if you tell anyone that you dispute the accuracy of information,
then that person must note that the information is disputed whenever
it is provided to a consumer-reporting agency.
Back To
Top
What can I do
if the Consumer Reporting Agency won't modify the report?
The new investigation may not resolve your dispute with the Consumer
Reporting Agency. If this happens, have the Consumer Reporting
Agency include your version of the disputed information in your
file and in future reports. You may submit a written statement
of any length to be included in your file, although if the Consumer
Reporting Agency helps consumers write a clear summary of the
dispute, the statement may be limited to 100 words. At your request,
the Consumer Reporting Agency will also show your version or a
summary of your version to anyone who recently received a copy
of the old report. There is no charge for this service if it's
requested within 30 days after you receive notice of your application
denial. After that, there may be a reasonable charge.
Back To
Top
Do I have to go
in person to get the information?
No, you may also request information over the phone. But before
the Consumer Reporting Agency will provide any information, you
may have to establish your identity by completing forms they will
send you. If you do wish to visit in person, you'll need to make
an appointment.
Back To
Top
Are reports prepared
on insurance and job applicants different?
If a report is prepared on you in response to an insurance or
job application, it may be an Investigative Consumer Report. These
are much more detailed than regular consumer reports. They often
involve interviews with acquaintances about your lifestyle, character,
and reputation. Unlike regular consumer reports, you'll be notified
in writing when a company orders an investigative report about
you. This notice will also explain your right to ask for additional
information about the report from the company you applied to,
or you may prefer to obtain a complete disclosure by contacting
the Consumer Reporting Agency. Note that the Consumer Reporting
Agency does not have to reveal the sources of the investigative
information.
If an employer intends to take any adverse action against you
based on a consumer report, whether or not it is an investigative
consumer report, the employer must first give you a copy of your
report and a summary of your rights under the Federal Fair Credit
Reporting Act.
Back To
Top
How long can Consumer Reporting Agencies report
unfavorable information?
Generally seven years. Adverse information
can't be reported after that, with certain exceptions:
- Bankruptcy information can be reported for 10 years;
- Information reported because of an application for a job with
a salary of more than $75,000 has no time limitations;
- Information reported because of an application for more than
$150,000 worth of credit or life insurance has no time limitation;
- Information concerning a lawsuit or judgment against you can
be reported for seven years or until the statute of limitations
runs out, whichever is longer.
Back To
Top
Can anyone get a copy
of the report?
No, it's given only to those with certain specified permissible
purposes. If someone has obtained your credit report without your
permission or knowledge, contact our office immediately.
Back
To Top
Do I have to be told
before someone sees my credit report?
No, a person may request a consumer report without telling you
so long as it is for a permissible purpose like financing a car
or buying a house. However, a Consumer Reporting Agency may not
provide a consumer report to an employer unless the employer has
your written permission. Also, your written permission is needed
before medical information may be reported by a Consumer Reporting
Agency for credit, insurance, or employment purposes.
Back To
Top
What if I think
a Credit Bureau has violated my rights under the law?
A Consumer Reporting Agency or other person who has been found
to violate the Fair Credit Reporting Act must pay your actual
damages, statutory damages and your attorney's fee.
Back To
Top
|
