You can check your credit rating, 1976

              Cooperaf/ve
extension
W    Check Your Credit Rating
You Can
m
Guide 400 G-216
If you have borrowed money to buy a home, have
charge accounts, or have bought insurance for your
auto, home, or life, you probably have a "credit
rating". Your "credit rating" is in a file somewhere. It
contains information about your history of payments.
Is the information that credit bureaus have in
your file up-to-date and accurate? Computer mix-
ups or reports for John D. Doe instead of John E.
Doe can result in an incorrect credit record.
How can a person make sure that his credit record
is based on accurate facts? The Fair Credit Reporting
Act guarantees certain consumer rights when credit
information is collected and reported.
Common questions about credit reports.
Q. Can I check the information in my file?
A.Yes.   If   you   present   proper   identification,   the
credit    bureau    must    disclose    all    information   in
your file and tell you where it came from.
Q. Is there a charge to see the file?
A.There is no charge if you have been denied credit
in the past 30 days or have received a notice from a
collection department affiliated with the credit bureau.
If you are just curious, a charge may be made.
Q. What is in my credit fde?
A. Information that has a bearing on your ability to
pay bills including address, social security number,
marital status, past and present length of employment, income, number of dependents, and record of
bill paying habits. It also includes information from
public records covering lawsuits, arrests, judicial decisions, divorce.
Q. How can I correct an error in my file?
A. The   credit   bureau   must   re-investigate   any  item
which you question.  If the information is incorrect,
they must delete if from your file.
Q. What if they say it is not a mistake?
A. If there is a dispute, you may file a brief statement
reporting   your  side   of  the   issue.   Your statement
must  be  included   in any future reports concerning
the item in question.
Q.Does the credit bureau recommend whether I
should get credit?
A.No. The credit bureau only gives the information
from your file to credit grantors who make the
decision whether or not you receive credit.
Q.How long does adverse information remain in my
file7
A. Bankruptcies are reported  for 14 years. Suits and
judgments can be reported for seven years. Tax liens,
collection accounts, accounts charged  to bad debts,
records   of   arrests,   convictions,   or   other   adverse
information may be reported for seven years.
Q. What is a credit report?
A. A credit report is information provided by a credit
reporting agency, often called a credit bureau,
that gives a consumer's bill paying history or habits
based on the information in his file.
Q. Who can obtain information from my file?
A. 1) A credit report can only be furnished to someone   with   a legitimate  business  need   for the information. This includes:
a) extending credit, collection or review of an account
b) considering the person for employment
c) considering the person for insurance
2) When ordered by a court.
3)If the consumer himself requests a report in
writing.
4) a governmental agency if the agency is required
by law to determine a person's eligibility for a
license or to consider the financial status of the
person for any other benefit. (Example: military
security clearance)
New Mexico State University is an equal opportunity employer. All programs are available to everyone regardless of race,
color, or national origin. New Mexico State University and the U.S. Department of Agriculture cooperating.