Finance: All Is Fair In Love, War, And, Your Credit Report. At Least It Should Be. Under Standing The Fair Credit Reporting Act

All Is Fair In Love, War, And, Your Credit Report. At Least It Should Be. Under Standing The Fair Credit Reporting Act

Written by Www.creditandyou.com

Fact: Over 150 million Americans have credit report with repparttar

three major credit reporting agencies. Approximately 50 million of these credit reports contain errors, many of which are inaccurate. Do you know what’s on your credit report?

If you’ve ever applied for a charge account, a personal loan, insurance or a job, there’s a credit report about you. This credit report contains information on where you work and live, how you pay your bills, and whether you’ve been sued, or filed for bankruptcy.

About The Fair Credit Reporting Act? (FCRA)

The Fair Credit Reporting Act was repparttar 145256 first federal law to regulate repparttar 145257 use of personal information by private business. It was all repparttar 145258 way back in 1899 that repparttar 145259 first major credit reporting agency was started. Over time, credit reporting grew into a huge industry and, by repparttar 145260 late 1960’s, became surrounded by controversy.

Credit reports from repparttar 145261 Credit Reporting Agencies were being used to deny services and opportunities. At that time, you would have had no right to see what was in your credit report. The FCRA was passed in 1970 and fortunately now you have that right.

On December 4, 2000 President George Bush signed into law repparttar 145262 first phase of repparttar 145263 Fair And Accurate Credit Transactions Act (FACT Act), which amends repparttar 145264 FCRA. The FACT Act establishes repparttar 145265 Financial Literacy and Education Commission and calls for a national financial literacy campaign.

The act addresses consumer’s rights to understand and protect repparttar 145266 information in their credit report and to get help when their financial information has been stolen. It also restricts repparttar 145267 use of medical information in determining a consumer’s eligibility for credit, and also limits repparttar 145268 sharing of medical information with affiliated companies under certain circumstances.

Here are some questions consumers commonly ask about credit reports, Consumer Reporting Agencies and repparttar 145269 answers. Note that you may have additional rights under state laws. You can contact your state Attorney General or local consumer protection agency for more information. You also have information and resources at your disposal 24/7 at: www.creditandyou.com.

Q. What can I do about inaccurate or incomplete information?

A. Under repparttar 145270 new law, both repparttar 145271 Consumer Reporting Agencies and repparttar 145272 information provider have responsibilities for correcting inaccurate or incomplete information in your credit report. To protect all your rights under this law, contact both repparttar 145273 Consumer Reporting Agencies and repparttar 145274 information provider. See credit repair article by credit and you.com

Debt Getting You Down? - Make a List!

Written by Emmanuel Mendonca

Debt whether it be mortgage debt, credit card debt, a student loan or anything else is not much fun and when faced with it, people sometimes look for complicated debt solutions and often overlook repparttar

many simple ways that you can save money. Believe it or not, one of repparttar 145255

simplest and most effective debt solutions is to get hold of a pen and a piece of paper and make a list. By this I mean that keeping a daily record of your expenditure can reveal some interesting facts about your spending and point you in repparttar 145256

direction of how you can make easy savings right away. My Father first introduced me to this, showing me repparttar 145257

little piece of paper that he kept in his wallet. But at repparttar 145258

time I ignored his advice – big mistake. It was only a few years later that I tried it, when I wanted to start saving money in order to make a dent in my mortgage loan. But this debt solution is not only useful for helping you to pay off a mortgage - it can help with many other types of debt.

At repparttar 145259 beginning of each month, I would just tear a piece off an old envelope and write my salary at repparttar 145260 top and then immediately subtract repparttar 145261 amount I want to save in order to pay off my mortgage debt. I could then clearly see how much I money I had to get me through repparttar 145262 month. I then simply subtracted everything I spent, when I spent it and kept a running total. The key to this is to writing down absolutely everything, no matter how small. I found that it was really easy to do – I would either write something down on repparttar 145263 list as soon as I spent repparttar 145264 money or take two minutes to do it in repparttar 145265 evening. Whenever there was a fairly large sum on repparttar 145266 list, I would just write down what it was next to repparttar 145267 amount, so that I could remember.

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