CAll Us: (800) 544-0231 Live Chat   Login
Menu
Credit Card Report Questions And Answers

Credit Card Report Questions And Answers

The Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of the nation’s consumer reporting companies. The Federal Trade Commission (FTC) enforces the FCRA with respect to consumer reporting companies. Recent amendments to the FCRA expand consumer rights and place additional requirements on consumer reporting companies. Businesses that provide information about consumers to consumer reporting companies and businesses that use credit card report also have new responsibilities under the law.

Here are some questions consumers have asked the FTC about consumer reports and consumer reporting companies, and the answers. If you have more questions about your credit card report, feel free to contact us for more information.

Q. Do I have a right to know what’s in my report?

A. You have the right to know what’s in your credit card report, but you have to ask for the information. The consumer reporting company must tell you everything in your report and give you a list of everyone who has requested your report within the past year – or the past two years if the requests were related to employment.

Q. What type of information do consumer reporting companies collect and sell?

A. Consumer reporting companies collect and sell four basic types of information:

  • Identification and employment information: Your name, birth date, Social Security number, employer, and spouse’s name are noted routinely. The consumer reporting company also may provide information about your employment history, homeownership, income, and previous address, if a creditor asks.
  • Payment history: Your accounts with different creditors are listed, showing how much credit has been extended and whether you’ve paid on time. Related events, such as the referral of an overdue account to a collection agency, also may be noted.
  • Inquiries: Consumer reporting companies must maintain a record of all creditors who have asked for your credit history within the past year, and a record of individuals or businesses that have asked for your credit history for employment purposes for the past two years.
  • Public record information: Events that are a matter of public record, such as bankruptcies, foreclosures, or tax liens, may appear in your report.

Q. Is there a charge for my report?

A. Under the Free File Disclosure Rule of the Fair and Accurate Credit Transactions Act (FACT Act), each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — is required to provide you with a free copy of your credit report once every 12 months, if you ask for it.

Q: How do I order my free report?

A: The three nationwide consumer reporting companies are using one website, one toll-free telephone number, and one mailing address for consumers to order their free annual report. To order, call 1-877-322-8228, or complete the Annual Credit Report Request Form and mail it to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. Do not contact the three nationwide consumer reporting companies individually. You may order your free annual reports from each of the consumer reporting companies at the same time, or you can order from only one or two. The law allows you to order one free copy from each of the nationwide consumer reporting companies every 12 months.

Q: What information do I have to provide to get my free report?

A: You need to provide your name, address, Social Security number, and date of birth. If you have moved in the last two years, you may have to provide your previous address. To maintain the security of your file, each nationwide consumer reporting company may ask you for some information that only you would know, like the amount of your monthly mortgage payment. Each company may ask you for different information because the information each has in your file may come from different sources.

Q: Are there other situations where I might be eligible for a free report?

A: Under federal law, you’re entitled to a free report if a company takes adverse action against you, such as denying your application for credit, insurance, or employment, and you ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your credit card report is inaccurate because of fraud, including identity theft. Otherwise, any of the three consumer reporting companies may charge you up to $9.50 for another copy of your report within a 12-month period.

College Credit Cards – Building A Good Credit History At An Early Age

College Credit Cards – Building A Good Credit History At An Early Age

College credit cards are intended specifically for students who normally would not qualify for regular credit cards, as they do not have a steady income or a credit history. As a student, it is a good idea to establish a first-rate sound credit history at an early age, which would help you get a regular credit card in the future, regardless of your employment status.

College Credit Cards Versus Generic Credit Cards

In theory, college student credit cards are identical to regular credit cards. However, these types of credit cards are meant for college students who do not have a previous credit history. Hence, these cards have more restrictions or conditions than the generic cards. The top three restrictions include:

– Co-signature from the parent or guardian at the time of application
– Lower credit limit (Example: $500 to $1000)
– Higher interest rates than traditional credit cards: Normal interest rates on these cards are 16-18%

Advantages of a College Credit Cards

A college credit card has become a necessity for most students. The advantages are many provided you understand how the credit card works and use it with caution. Students, especially in the United States, are prolific users of this type of credit cards. This is primarily because it gives them great flexibility to manage their credit.

Students can use these cards to pay their tuition fees, to rent a car, or to fill gas. In fact, there are certain credit cards that offer low-interest rates to students who maintain good grades. These cards are also packed with rewards and benefits. They can help students to learn and manage their finance at a young age.

A college credit card can also be a prepaid one, with a ceiling on the credit limit. This ensures that the student does not overspend and it also helps parents keep an eye on their children’s spending behavior.

Characteristic and Features of College Student Credit Cards:

There are many college student credit card options from Citi, Discover, and Chase. Apart from these, there are many pre-paid card options. Most of these student cards have many similar features including:

– 0% APR for the initial period of usually 6 months on both purchases and balance transfers (typically)
– No annual fee, at least for the first year
– Online account management at no extra cost

While many of the above characteristics are also applicable to many traditional more generic credit cards, there are certain distinctive features that make the credit card stand apart including:

– 0% liability for any unauthorized charges on the account
– A good GPA helps earns points for the cards
– Theft and fraud alerts

It is a good thought for students to have their own college student credit cards. However, it is important to understand that, at an early age, bad credit could have horrible consequences. Parents can assist their kids in choosing the best credit cards based on their child’s spending behavior and repaying capability. College student credit cards promise financial freedom at a young age if they are used judiciously.

What Gets Reported in Your Credit History And What Does Not

What Gets Reported in Your Credit History And What Does Not

A credit report is a document that outlines your financial status, specifically your credit history. The three national reporting agencies, Experian, Trans Union, and Equifax, work independently so it is advisable to know what gets reported in your credit history for an accurate picture.

What Gets Reported in Your Credit History

The credit report contains personal, financial, and public information along with recent requests.

The credit report will provide personal information like your full name, frequently used nicknames and aliases, date of birth, and social security number. It will also reveal your current and past addresses, present and past jobs and if applicable, information about your spouse as well.

Financial information of all your accounts with their opening date and the credit limit is noted in it. These could be accounts with banks, credit card companies, power and telephone companies, and such like. It will also detail your loans like mortgages, student loans, and installment loans with relevant information, such as, payment patterns, a default in payment, debts that are less than seven years old, and so on. Some records will appear permanently. These are salaries above $75,000, any credit transaction, or application for a credit card or insurance beyond $150,000 and unpaid tax liens.

Information from public records particularly those with a financial angle will always appear. These are usually obtained from state and county courts. It will include convictions, arrests, charges, and monetary judgments. They can appear only for seven years. However, under federal law, convictions will appear indefinitely. If you have declared bankruptcy, the same will appear on your credit report for not more than ten years.

Certain records do not appear. Debt records more than seven years old and bankruptcy records more than ten years old cannot be given in a credit report. Your age, marital status, and race cannot appear if a current or prospective employer asks for it. Medical records can appear only with your express permission. Any information that has been erased from the records cannot be put back again.

Thus a credit report will help a person or organization make an informed judgment before entering into any transaction or deal with you. Talk to us today for a seamless process in credit reporting.

Top 10 Ways To Repair Your Credit Score

Top 10 Ways To Repair Your Credit Score

You must never underestimate the value of having good credit. You will definitely need to repair your credit score so you are prepared if you want to use it in the future. For example, if you are a student, you’ll need to borrow a certain amount using a student loan in order to attend school. At this point, your credit history will definitely matter and will have a big impact on getting you the funds that you need.

If you are applying for a student loan, your creditor or the lending institution will probably request a copy of your credit report and the credit score, which comes from an authorized credit-reporting agency. This will help identify your credit criteria and will determine if you are qualified for a loan. And if you are, your credit score will influence what interest rate you will be paying for the funds.

You must be able to demonstrate good credit to be approved by most of the private student loans. This also applies to the loans you might need such as auto loans, business loans, and mortgages.

Here’s what you can do to keep your credit score high and your credit good.

1. Make your payments prompt and timely. Make sure that you don’t miss any deadline.

2. Pay the minimum monthly payments. This will repair your credit score remarkably.

3. Limit the number of credit card accounts you have open at any one time.

4. Maintain available credit on your open accounts.

5. Request a copy of your credit report at least once a year from each of the three national credit-reporting agencies.

6. Check your reports for errors. You must clear up any errors that do appear in your report right away, time is critical in this.

7. Don’t open multiple accounts all at one time, especially if your credit history is not good. This tends to look a bit risky to lenders because you are taking on a good deal of possible debt, all at once.

8. Remember that you must know how to prioritize your needs. Leave those credit cards that are not needed aside for a while. Then after you have recovered from all the other debts, you can add these cards back into your wallet. The new accounts will lower the average age of your account and this is something that counts toward your FICO score.

9. Don’t open accounts that are not necessary. They will just be a burden. Even if you have a very high income, you can still encounter some difficulties.

10. Make sure that you don’t close accounts with the thought that the account will be removed from your record. That will not help at all. Closing accounts can sometimes even hurt your score.