Protect
your credit and financial Identity
This site is created to educate you on legal option you have in the
complex world of credit and your financial identity.Your credit report
includes information on where you live, how you pay your bills,and
whether you’ve been sued,arrested, or filed for bankruptcy.
Nationwide consumer reporting companies sell the information in
your report to creditors, insurers,employers, and other businesses
that use it to evaluate your applications for credit, insurance, employment,or
renting a home.
And now, thanks to an act of Congress, consumers can order a free
copy of their credit report from each of the three nationwide consumer
reporting companies—
Equifax, Experian, and Trans Union—once every twelve months.
“The right to receive a free credit report is an important new tool
for consumers,” said Deborah Platt Majoras, Chairman of the Federal
Trade Commission (FTC),the nation’s consumer protection agency. “Not
only does checking the credit report give consumers a valuable snapshot
of their credit histories, it permits them to detect and correct errors,
and spot
and stop identity theft.”
The three nationwide consumer reporting companies have set up one
central Web site, oll-free telephone number, and mailing address through
which consumers can order their free annual report. To order, visit
annualcredit
report.com.
TheFTC advises consumers who order
their free annual credit reports
online to be sure to correctly spell
annualcreditreport.com, or
link to it from the FTC’s Web site
to avoid being misdirected to
other Web sites that offer supposedly
free reports, but only with
the purchase of other products.
While consumers may be offered
additional products or services
while on the authorized Web site,
they are not required to make a
purchase to receive their free
annual credit reports.
For more information, the FTC
has issued two new consumer
brochures: “Your Access to Free
Credit Reports” explains how consumers
can request their credit
reports and dispute any errors,
and “Want a Free Annual Credit
Report? The Only Official Web
site is annualcreditreport.com”
warns consumers about imposter
Web sites
If you’ve charged
too much on credit
cards or are paying less toward your debts than you should, you’re
not alone. A lot of people are in this situation. Some ways to turn
things around include:
- Budgeting
In many cases people design and stick to a budget to get their debt
under control. A budget is a plan for how much money you have and
how much money you spend. Sticking to a realistic budget allows
you to pay off your debts and save for the proverbial rainy day.
- Credit counseling
Many universities, military bases, credit unions and housing
authorities operate nonprofit financial counseling programs. Some
charge a fee for their services. Creditors may be willing to accept
reduced payments if you are working with a reputable program to create
a debt repayment plan.
- Bankruptcy
Bankruptcy is considered the credit solution of last resort. Unlike
negative credit information that stays on a credit report for seven
years, bankruptcies stay on a credit report for 10 years. Bankruptcy
can make it difficult to rent an apartment, buy a house or condo,
get some types of insurance, get additional credit, and sometimes,
get a job. In some cases, bankruptcy may not be an easily available
option.
You could also contact your creditors. Let them know that you’re having
trouble. Some might be willing to work with you. |
