Credit Corner
How Sound is Your Family's Financial Future?
Do you know what’s on your credit report or who looks at it? When was the last time you ordered your credit report to check it over? What can you do if there’s inaccurate information or evidence of identity theft?
Your credit report will contain all identifying personal information, public records such as bankruptcy, child support, divorce, or any judgments, creditors, collections, and inquiries to acquire credit. You should verify that all information contained on your report is correct. All information stays on your report for 7 to 10 years, based on the date of the last activity on the account.
Landlords, loan officers, employers, creditors, and insurance companies will look at your credit report to see how well you handle financial matters. Did you know unpaid late book fines from the library may be on your report? Unpaid parking tickets may also be listed. These items may lower your credit score significantly.
You can receive one free report from each of the three credit bureaus every year. You may obtain your report online at www.annualcreditreport.com. All three credit bureaus—Experian, Equifax, and TransUnion—are located on this website. Your report is free, but there’s a fee to obtain your score. You can also call Annual Credit Report at (877) 322-8228 to order your report.
What do you do if there’s inaccurate information on your report? Contact the credit bureau(s) who produced the report—you’ll be able to dispute any inaccurate information. You’re allowed up to 100 words to give your side of the story, by filing a dispute online or submitting a written letter. The credit bureau will investigate the information and should report back to you in 30 days. Only inaccurate information may be removed from your report.
Another good reason to check your credit report is to make sure you’re not a victim of identity theft. If you have an account listed in your name, but don’t have one with that creditor, what should you do?
• Contact the credit bureaus and place a fraud alert on your credit report.
• Contact the police and file a report listing all the fraudulent accounts.
• Request copies of the police report, send them to all credit bureaus, and keep a copy for you.
• Contact the creditors of the fraudulent accounts and request a list of all purchases. Be sure to record all correspondence and to send letters by certified return receipt.
In the state of Illinois, you can place a freeze (or hold) on your report if you’ve been a victim of identity theft. The Illinois Attorney General’s office has launched an Identity Theft Hotline at (866) 999-5630. You should also notify the Federal Trade Commission at (877) 438-4338 or online at www.ftc.gov. Knowing what’s in your credit report is important for your family’s current and future financial health—order your report today. tpw
Your credit report will contain all identifying personal information, public records such as bankruptcy, child support, divorce, or any judgments, creditors, collections, and inquiries to acquire credit. You should verify that all information contained on your report is correct. All information stays on your report for 7 to 10 years, based on the date of the last activity on the account.
Landlords, loan officers, employers, creditors, and insurance companies will look at your credit report to see how well you handle financial matters. Did you know unpaid late book fines from the library may be on your report? Unpaid parking tickets may also be listed. These items may lower your credit score significantly.
You can receive one free report from each of the three credit bureaus every year. You may obtain your report online at www.annualcreditreport.com. All three credit bureaus—Experian, Equifax, and TransUnion—are located on this website. Your report is free, but there’s a fee to obtain your score. You can also call Annual Credit Report at (877) 322-8228 to order your report.
What do you do if there’s inaccurate information on your report? Contact the credit bureau(s) who produced the report—you’ll be able to dispute any inaccurate information. You’re allowed up to 100 words to give your side of the story, by filing a dispute online or submitting a written letter. The credit bureau will investigate the information and should report back to you in 30 days. Only inaccurate information may be removed from your report.
Another good reason to check your credit report is to make sure you’re not a victim of identity theft. If you have an account listed in your name, but don’t have one with that creditor, what should you do?
• Contact the credit bureaus and place a fraud alert on your credit report.
• Contact the police and file a report listing all the fraudulent accounts.
• Request copies of the police report, send them to all credit bureaus, and keep a copy for you.
• Contact the creditors of the fraudulent accounts and request a list of all purchases. Be sure to record all correspondence and to send letters by certified return receipt.
In the state of Illinois, you can place a freeze (or hold) on your report if you’ve been a victim of identity theft. The Illinois Attorney General’s office has launched an Identity Theft Hotline at (866) 999-5630. You should also notify the Federal Trade Commission at (877) 438-4338 or online at www.ftc.gov. Knowing what’s in your credit report is important for your family’s current and future financial health—order your report today. tpw