Your
Credit.
Checked your credit lately?
Do you know what to look for on your credit report?
Do you know what the credit bureaus can and can not do now?
Do you have to let a potential employer check your credit? If you refuse, can
they check it anyway without your permission?
Almost one in five credit reports contains serious errors. Before
amendments, consumers were often denied loans, credit cards, or even employment based on
inaccurate information in their credit reports. In addition, many had trouble correcting
their reports.
Credit bureaus and loan institutions now have the burden of keeping consumers
credit report accurate. If they fail to do this, they face potential fines.
Main provisions of the amendments to the Fair Credit Reporting Act are as
follows:
1. Employers must now get written permission before looking at employees or
prospective employees credit
reports.
2. The credit bureaus are now required to correct mistakes within thirty days
of being notified of the mistake by consumers.
3. Creditors are required to notify consumers by handwritten or electronic mail
when negative information or credit denial is reported to an agency.
4. Charge-offs, defined as loans proven to be uncollectable, may be reported
for only 7.5 years after the payment was DUE.
5. Consumers can bring up to $1,000 in civil action claims against individuals
who obtain credit reports under false pretenses.
6. The FTC can seek as much as $2500 in fines and injunctive relief against
individuals or agencies that violate this amended act.
Check your credit today if you have not done this in the last twelve to fifteen
months.
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