Credit Freezes will be available to all consumers by November 1st, whether or not they have been victims of Identity Theft.
from bankrate:
Consumers in all 50 states already have the right to place a fraud alert, regardless of whether they are victims of ID theft. The fraud alert lasts for 90 days and alerts new creditors and other businesses checking the creditworthiness of an applicant that the consumer may be a victim of fraud.
While the fraud alert merely asks the lender to take additional precautions, a credit or security freeze prevents third parties from receiving a copy of the consumer’s credit report or credit score, making businesses less likely to grant credit or services to the applicant. Only businesses with a permissible purpose, or for whom the consumer lifts the freeze may obtain the consumer’s credit information.
from the FTC:
For Release: June 4 , 2004
FTC Issues Final Rule on Free Annual Credit Reports
The Federal Trade Commission has issued its final rule regarding free annual credit reports under the Fair and Accurate Credit Transactions Act (FACTA) and the Fair Credit Reporting Act (FCRA). FACTA, which was enacted on December 4, 2003, amends the FCRA and requires, among other things, that the three nationwide consumer reporting agencies (CRAs) – Equifax, Experian, and Trans Union – provide to consumers, upon request, a free copy of their credit report once every 12 months.
woohoo! good move by the FTC. so what does this mean to you? once a year, you are entitled to a *free* credit report, so you can find out what information has been gathered about you. eligibility for these free reports is based on the FTC’s rollout schedule:
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The guidelines for what is considered “outdated” are very clearly spelled out in the Fair Credt Reporting Act (FCRA), though it’s important to remember that each state has it’s own laws governing credit reporting. When there are contradictions between the FCRA and state law, the law which offers the best consumer protection would take precedence.
In general, the length of reporting periods are:
Bankruptcies: 10 years from the discharge date of the bankruptcyCivil Suits | Civil Judgements | Dates of Arrest: 7 years or until governing statute of limitations has expired
Collections or “Charged to Profit and Loss” Accounts: 7 years --*Exception: The reporting periods have been lengthened for certain adverse information pertaining to U.S. Government insured or guaranteed student loans, or pertaining to national direct student loans.
Other adverse information, other than convictions of crime: 7 years
Exemptions to the above rules governing the length of reporting:
- Credit transactions involving a principal amount of $150,000 or more
- Underwriting of life insurance involving face amount of $150,000 or more
- Employment of any individual at an annual salary of $75,000 or more
Continue Reading... Length of Reporting (US)
Length of Reporting (For Canadian Residents)
Canadians, your laws are a bit tricky, as you seem to have no federal guidelines, but leave it up to the individual provinces instead. The following chart comes from the Financial Consumer Agency of Canada and shows the reporting periods followed by TransUnion and Equifax by province.
Please make note of the fact that each Credit Reporting Agency seems to have somewhat different guidelines and defintions on reporting periods.
Continue Reading... Length of Reporting (Canada)
You’ve ordered and received your credit report, verified the information on it and identified items to be disputed…
I suggest that you dispute all NEGATIVE items. (Don’t dispute an outdated POSITIVE item. I did that once. It was removed and I felt like an idiot later.)
There are several methods you can use: (1) dispute items with the Credit Reporting Agencies, (2) dispute items with the Creditors, (3) negotiate with your Creditors, (4) file segregation (do NOT use. illegal.), and (5) a statement to be included with your credit report.
Choose the method that best fits your situation.
Continue Reading... Disputing Your Credit Report Entries
Contact Information to be used when disputing Credit Report entries…
Continue Reading... Disputing Credit Entries - Contact Information (US)
Contact information to be used when disputing Credit Report entries…
Continue Reading... Disputing Credit Entries - Contact Information (Canada)
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Innovis: The "New" Credit Reporting Agency by arin721
Sample Letters - Quick Links by arin721
Resources for Identity Theft - Quick Links by arin721
Resources for Credit Repair and Credit Scores - Quick Links by arin721
Credit Scores - Quick Links by arin721
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There’s snow on the mountain tops where I live already. Its getting too cold to wear sandals and I need a sweater. The dark will soon do me in. Its winter and these are all normal things, and for me and many people like me, so is the depression that will set in soon. The winter blues.
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