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How to identify, prevent and takeover credit fraud | 5 Reasons To Check Your Credit Report! | Spanish Version
Credit reports are a gold mine of information about you. They contain Social Security numbers, addresses, credit payment status, employment, even legal information. Federal and state laws restrict who has access to this sensitive information and what uses can be made of it. The credit bureaus have also adopted voluntary guidelines to improve consumer services. Ordering your credit report once a year and knowing your credit reporting rights are among the most important steps you can take to safeguard your privacy. Click here to receive your free credit report!
What is in my credit report?
Your credit report is actually a credit history. It is created by reports from many different sources. Firms which have granted you credit make regular reports about your accounts to the credit bureaus: Equifax, Experian (formerly TRW) and Trans Union. If you are late in making payments, those to whom you owe money such as utilities, hospitals, landlords and others may report this information to the credit bureaus. Your bank may also inform the credit bureaus if you overdraw your account. Click here to receive your free credit report!
In addition, your credit report contains your name and any name variations, your address, Social Security number and employment information. Your legal record may also be in your credit report, including liens, bankruptcy and other matters of public record which are of financial nature.
Is there anything that cannot be in my credit report?
Certain pieces of personal information cannot be in your credit report:
Medical information (unless you give your consent).
Adverse information, including bankruptcy, that is more than 10 years old.
Debts that are more than seven years old.
If the report has been requested by a prospective or current employer, information about age, marital status, or race cannot be included.
Who has access to my report?
Anyone with a "legitimate business need" can gain access to your credit history, including:
Those considering granting you credit.
Landlords.
Insurance companies.
Employers and potential employers.
Companies with which you have a credit account, for account monitoring purposes.
Some companies known as information vendors or resellers obtain credit reports from the "big three" credit bureaus and re-sell them. Information vendors are regulated by California credit reporting laws and must tell the credit bureau who is the ultimate recipient of the file. This is to ensure the report is used for permissible purposes.
Your credit report is also used for marketing purposes. Credit bureaus frequently provide lists of individuals who meet certain credit criteria to companies that offer "pre-approved" credit cards or other lines of credit. In California any company which uses your credit report as a basis to solicit offers of credit must disclose that practice to you. The company must also notify you of your right to prohibit such use of your credit report. See below for the telephone numbers to call to be removed from these lists. (See also Privacy Rights Clearinghouse fact sheet no. 4 on "junk mail.") Click here to receive your free credit report!
Federal and state laws provide consumers with these privacy rights:
The credit bureaus must provide a toll-free number to call to be removed from these lists. You may also notify the credit bureaus in writing. To have your name removed from lists sold to credit grantors and marketers, contact the three major credit reporting companies as follows:
Equifax Options
Marketing Decision Systems
P.O. Box 740123 Atlanta, GA 30374-0123
Telephone: (888) 5OPTOUT or (888) 567-8688
Experian (formerly TRW)
Mail Preference Service
Attn: Consumer Opt-Out
P.O. Box 919
Allen, TX 75013
Telephone: (888) 5OPTOUT or (888) 567-8688
Trans Union
Name Removal Option
P.O. Box 97328 Jackson, MS 39238
Telephone: (888) 5OPTOUT or (888) 567-8688
State law also says that if your credit report is used for employment purposes, you must be notified in writing and offered a free copy of your report.
You have the right to know who has inquired about your credit file or requested your report over the last six months. Inquirers' names are listed on your credit report.
In California, if you have voluntarily closed a credit card account, your credit report must indicate the fact that the account was closed by the consumer.
How can I find out what is in my credit report?
At your request, credit bureaus must provide you with a copy of your own credit report. The fee in most states is $8.00 to $15.00. If you have been denied credit based on information in your report, the credit bureau must provide you with a free copy upon request within 30 days of the denial. After the credit bureau receives your request, California law requires it to mail a copy of your report to you within five working days. Click here to receive your free credit report!
To find out how to obtain a copy of your report contact:
Equifax
P.O. Box 740241
Atlanta, GA 30374-0241
Telephone: (800) 685-1111
Experian (formerly TRW)
Experian National Consumer Assistance Center
P.O. Box 2104
Allen, TX 75013
Telephone: (888)-EXPERIAN(397-3742)
Trans Union
P.O. Box 390
Springfield, PA 19064
Telephone: (800) 888-4213
How will I know if there is negative information in my report?
The best way to determine if you have negative information in your credit report is to order a copy and check it carefully. This should be done at least once a year. You should also check your credit report when you know it is going to be used to make important decisions about you, such as applying for an automobile or home loan, renting an apartment or applying for a job. At these crucial times, you do not want to be surprised to find that your report contains negative information, especially if that information is inaccurate.
If you disagree with a creditor's report of negative information, the creditor must put a notice of that dispute in your file, before reporting to the credit bureau.
What can I do if there are errors in my report?
There are two main reasons errors may appear on your credit report. One is when you have been mis-taken for another person with a similar name, and their information ends up in your file. The other more serious cause of error is fraud. Someone may have intentionally gained access to your personal information and obtained credit in your name.
Both state and federal laws specify that you have a right to have errors corrected. Credit bureaus are regulated under the federal Fair Credit Reporting Act (15 USC 1681 et. seq.). National credit bureaus must have a toll free number for you to contact them with your questions. Also, credit reports must provide an address to request an investigation of inaccurate information.
Once you have notified a credit bureau of your dispute, The law allows 30 business days for an investigation. The bureau must consider all the relevant evidence you give it, and errors must be corrected. If you ask the credit bureau to do so, it must send a corrected report to anyone who has requested your file in the past six months and to anyone who has requested it in the last two years in relation to employment.
If you disagree with the result of the credit bureau's investigation, you have the right to submit a 100-word explanation. The credit bureau must include that information in your file.
Some consumers who have had errors corrected find the incorrect information reappears in their files at a later date. The law requires credit bureaus to notify the consumer within five days of reinserting the information. Credit bureaus must provide the subject of the report with a toll free number to dispute the reinsertion, and the opportunity to include a dispute statement. However, even if you have had errors in your report corrected, it is wise to periodically check your credit report to make sure the errors do not reappear.
Can I have negative information deleted if the entry is not an error?
After seven years, negative information in your report should automatically be deleted. The seven years usually begins on the date of the original delinquency. A Chapter 7 bankruptcy should be deleted after 10 years from the filing date.
Companies or individuals promising quick fixes are almost always fraudulent. For help with re-establishing good credit, contact a member agency of the National Foundation for Consumer Credit, such as the Consumer Credit Counseling Service. These nonprofit groups have offices in most cities. To find the office nearest you, call (800) 388-2227.
Beware of other credit repair services. Generally they promise a lot, charge a lot and deliver little. Click here to receive your free credit report!
What is the difference between a credit report and an investigative consumer report?
Some credit bureaus and information vendors conduct investigative consumer reports which are much more detailed than credit reports. Among those using these reports are insurance companies, employers and landlords. Investigative reports can contain information on your character, reputation, personal characteristics and life style. This information may be gathered through personal interviews with neighbors, friends, associates or acquaintances, as well as a search of public documents such as property and court records.
Because the information in these reports is so detailed and may be sensitive, both federal and state law impose stricter regulations on credit bureaus which compile investigative reports (California Civil Code 1786 et. seq.; 15 USC 1681d). An investigative consumer report can only be used in limited circumstances including employment, insurance and rental housing decisions. This type of report cannot be used to grant credit.
The law requires the requester of the report to inform the subject that an investigative consumer report will be made. However, there are times when an employer does not have to tell an employee he or she is the subject of an investigative report. This includes when the report is to be used to consider promoting or firing an employee, or when an employee is being investigated for possible criminal activities.
You have the same rights to correct and dispute incorrect or incomplete information in an investigative report as you have in a credit report.
For in-depth information on credit and banking, contact the organizations listed below. They have developed several informative brochures on these topics.
Consumer Action's Credit and Finance Project
116 New Montgomery St.
Suite 233
San Francisco, CA 94105
Complaint Referral Hotline (415) 777-9635, 10 a.m.-2 p.m.
TDD/voice (415) 777-9456
Federal Trade Commission
Public Reference
Washington D.C. 20580
(202) 326-2222 (request publications order form).
Complaints about credit bureaus can be made to the FTC. Consult your phone book for the number.
For assistance in re-establishing good credit, contact a member agency of the National Foundation of Consumer Credit, such as the Consumer Credit Counseling Service, at (800) 388-2227.
What is a check verification system? Does it differ from a check guarantee agency?
When consumers pay by check, merchants often use an electronic system to determine if the shopper has a history of writing bad checks. There are two types of systems: check verification services and check guarantee agencies.
A check verification company provides an electronic database of people who have written bad checks or have had their banks accounts closed as a result of bad check writing. The check guarantee agency takes this service one step further and guarantees that the check is good by reimbursing the retailer if the check bounces. Retailers and banks pay a higher fee for this service.
You may have experienced how a check guarantee or verification service works when you last purchased an item by check. A retail clerk usually runs the check through an electronic reader and enters the checking account number or your driver's license number into a terminal or calls a specific telephone number. The check guarantee or verification agency then approves or denies the check. Click here to receive your free credit report!
Why was my check rejected?
Your check may be declined for a variety of reasons:
You may have negative information on file (such as a returned check outstanding or a bank account closed by a bank).
Some agencies will look at the how many times the individual has bounced checks (one time only versus a history of check bouncing); others limit the number of checks they approve per day (if the limit is three checks in a 24 hour period, the fourth check will be turned down).
The databases of check guarantee/verification services are not perfect. You might find that you are listed as a bad check writer by mistake, even though you have a perfect record. An error in computer data input may have occurred. Or someone may be using your driver's license number or checking account number to pass bad checks. In either case, you have a right to have the error corrected. Names and telephone numbers of the major check verification/ guarantee companies are listed below.
What can I do if my check is declined?
The retailer will usually tell you the name of the check guarantee or verification service that rejected your check. You may call or write them to find out what information about you they have in their files, and, if necessary, to correct erroneous information.
Telecheck will state the reason for the denial by phone if you call within 30 days of the denial. If it is after the 30 days, they will mail you the information.
National Processing Company (NPC) is another check guarantee and verification agency. When you call NPC, they will send you a letter explaining the reason for the rejection within three to five working days of your call. They may also be able to help you over the phone.
The credit bureau Equifax also provides check guarantee and verification services. If your check has been declined, you should write to Equifax's Consumer Affairs office. They will provide you with a written explanation for the decline of your check, or, if requested, an explanation will be given to you over the phone.
Chexsystems, a check verification firm, provides an electronic listing of closed checking accounts. Banks provide information to Chexsystems. You can call Chexsystems to see if you are in their database and if so, request to have the information mailed to you or, if requested, the information will be given to you over the phone.
Shared Check Authorization Network (SCAN), a check verification service, provides member retailers with access to a database of returned checks. The information contained in their database is provided by retailers. If your check has been declined by SCAN, they will let you know what negative information has been reported to them and by whom. Also, if you pay the outstanding unpaid check, your name will be deleted from their data base. Click here to receive your free credit report!
- The following is a list of check guarantee and check verification agencies:
Telecheck
Consumer Affairs
P.O. Box 17450
Denver, CO 80217
(800) 927-0188
National Processing
Consumer Assistance
P.O. Box 379
Riverdale, NJ 07457
(800) 526-5380
Equifax Services
Consumer Affairs
P.O. Box 30032
Tampa, FL 33630
(800) 437-5120
CrossCheck, Inc.
P.O. Box 6008
Petaluma, CA 94955
(800) 552-1900
