• The DoctorCredit Blog

• Being Proactive About your Credit
• The FCRA and Your Rights
• What is a Credit Bureau?
• What Is a Credit Report?
• What is a Credit Score?
• What Is Credit Scoring?
• How Are Scoring Models Developed?
• What Repayment Odds Are Indicated By The Scores?
• What Data Does a Bureau Credit Scoring Model Analyze?
• How Does Credit Scoring Help Lenders?
• How Credit Scoring Helps Consumers
• Types of Consumer Credit
• How Long can Negative Information Remain on My Report?
• Your Social Security Number

• You must be told if information in your file has been used against you. Anyone who uses information from a CRA to take action against you, such as denying an application for credit, insurance, or employment, must tell you, and give you the name, address, and phone number of the CRA that provided the consumer report, as well as tell you about your right to a free report after denial.
 
• You can find out what is in your file. At your request, a CRA must give you the information in your file, and a list of everyone who has requested it recently. There is no charge for the report if a person has taken action against you because of information supplied by the CRA, if you request the report within 60 days of receiving notice of the action. You also are entitled to one free report every twelve months upon request if you certify that (a) you are unemployed and plan to seek employment within 60 days, (b) you are on welfare, or (c) your report is inaccurate due to fraud. Otherwise, a CRA may charge you up to eight dollars, unless you live in a free report state, or low cost report state. Those who live in Vermont, Massachusetts, Georgia, Maryland, Colorado, or New Jersey, can obtain a free credit report annually upon request. In Maine, credit reports are $3 and in Connecticut, the cost for the first report requested in a 12-month period is $5.00 and $7.50 for each subsequent report. Of course, if denied credit, you can request additional free reports under the FCRA in these states.
 
• You can dispute inaccurate information with the CRA. If you tell a CRA that your file contains inaccurate information, the CRA must investigate the items (usually within 30 days) by presenting to its information source all relevant evidence you submit, unless your dispute is frivolous. The source must review your evidence and report its findings to the CRA. (The source also must advise national CRAs, to which it has provided the data, of any error.) The CRA must give you a written report of the investigation and a copy of your report if the investigation results in any change. If the CRA's investigation does not resolve the dispute, you may add a brief statement to your file. The CRA must normally include a summary of your statement in future reports. If an item is deleted or a dispute statement is filed, you may ask that anyone who has recently received your report be notified of the change. We suggest that you obtain a copy of your credit report on a regular basis to monitor for changed addresses and fraudulent account information and use. These may be an indicator of identity theft.
 
• Inaccurate information must be corrected or deleted. A CRA must remove or correct inaccurate or unverified information from its files, usually within 30 days after you dispute it. However, the CRA is not required to remove accurate data from your file unless it is outdated (as described below) or cannot be verified. If your dispute results in any change to your report, the CRA cannot reinsert into your file a disputed item unless the information source verifies its accuracy and completeness. In addition, the CRA must give you a written notice telling you it has reinserted the item. The notice must include the name, address and phone number of the information source.
 
• You can dispute inaccurate entries with the source of the information. If you tell anyone, such as a creditor who reports to a CRA, that you dispute an item, they may not then report the information to a CRA without including a notice of your dispute. In addition, once you've notified the source of the error in writing, it may not continue to report the information if it is, in fact, an error.
 
• Outdated information may not be reported. In most cases, a CRA may not report negative information that is more than seven years old; ten years for bankruptcies.
 
• Access to your file is limited. A CRA may provide information about you only to people with a need recognized by the FCRA; usually to consider an application with a creditor, insurer, employer, landlord, or other business with whom you have contact. Only Vermont law requires your consent to access your report.
 
• Your consent is required for reports that are provided to employers, or reports that contain medical information. Any CRA may not give out information about you to your employer, or prospective employer, without your written consent. A CRA may not report medical information about you to creditors, insurers, or employers without your permission. An employer considering adverse action must show you the report.
 
• You may choose to exclude your name (opt out) from bureau lists for unsolicited credit and insurance offers. Creditors and insurers are allowed by law to use credit reports to generate 'junk' marketing mailings. However, the law also says such offers MUST include a toll-free phone number for you to call if you want your name and address removed from future lists. If you call, you must be kept off the lists for two years. If you request, complete, and return the mail-back form provided for this purpose, you must be taken off the lists indefinitely. Follow the instructions. The big 3 credit bureaus now use the same telephone number for this purpose; (1-888-567-8688) or 1-888-5-OPTOUT. If you call one to be omitted, you are opting-out with all 3.
 
• You may seek damages from violators of parts of this law. If a CRA, a user or, in some cases, a provider of CRA data, violates the FCRA, you may sue them in state or federal court.

Today, in our “credit driven marketplace” more and more your credit score determines what’s available to you and at what cost. Most people know a good credit score means a better chance of purchasing a home or auto, but did you know credit scores also may affect insurance and credit card rates, as well as utility deposits and employment decisions. The higher your credit score is, the better your negotiating position will be. This usually means getting approved, and paying less on better terms. Many people need credit repair services to attain a sufficient level.
 
As each year goes by, technology changes the way we all do our personal business and this is especially true when it comes to the credit landscape. As technology advances, the human element has been taken away from credit granting decisions. This can both help and hinder many of us personally. 
 
While this speeds up the qualifying process so we can get approved for credit quicker, it also steals away potential opportunities for some because of the errors in many people’s credit files. The Federal Trade Commission reports that 79% of personal credit files have mistakes. Most of us would hate to be turned down on a credit application for something we know we need and can afford. Because of inaccuracies or outdated information, you may not be considered credit worthy because your credit scores are too low for your creditors to work with. You may need to fix your credit score.
 
Have you seen your credit report lately? This is the first step in being proactive about your credit. This is why DoctorCredit USA offers a free credit report and consultation. We help you diagnose your credit health, and offer fast credit correction to those who may have some inaccuracies on their credit report. These inaccuracies are costing you money.
 
Knowledge is the key to your credit health. The more you know about credit and how the system works the better you will be able keep your credit scores healthy.

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