Clean Up Your Credit

Credit reports contain information about where you work, live, and your bill paying habits. Credit reporting agencies (CRA) are companies that gather and sell information concerning your credit history to various businesses. This credit history is sold in the form of a credit report. The Fair Credit Reporting Act (FCRA), enforced by the Federal Trade Commission, is designed to promote accuracy and ensure the privacy of the information used in credit reports. Under this act, CRAs must furnish correct and complete information to businesses to use in evaluating your applications for credit, insurance or a job.

Consumers encounter various problems in dealing with CRAs and the credit reports that they send out. Georgia residents are entitled to two (2) FREE copies of their credit reports each year. You are also entitled to a free copy of your credit report if any negative action has been taken against you, such as denying your application for credit, insurance or employment, AND you request your report within 60 days of receiving notice of the action.

There are three major national credit bureaus:

The fastest way to get a copy of your credit report is to call the toll-free numbers listed above for each of the CRAs and respond to their automated phone system. If they have your correct address on their computers, you do not need to send in any documentation to prove who you are. They will simply mail your credit report to the address in their computer. If your address is different from the address on their computers, you will have to mail in the Credit Report Request along with identification.

Once you receive your credit report, you should review it to make sure the information on it is correct. If the information on your report is inaccurate, you should notify the CRA. The CRA is required to investigate items that you say are incorrect. If the new investigation reveals an error, a corrected version of the credit report will be sent on your request to anyone who received a report in the past six months. To ask the CRA to investigate these items, use Investigation Request Form.

The CRA's investigation may not resolve your dispute with the CRA. If this happens, you have the right to have the CRA include your version of the facts in your credit report. You have the right to write up a short summary of your version of the disputed facts. Your version must be no longer than one hundred words. The CRA must then include that information along with all future credit reports. Sometimes people at the CRA will help you write your version. If you want to write dispute any item in your credit report, you may call the CRA or you may use "Add My Explanation" Request.

In most cases, a CRA may not report negative information that is more than seven years old; ten years for bankruptcies.

No. A CRA may provide information about you only to people with a need recognized by the FCRA – usually to consider an application with a creditor, insurer, employer, landlord or other business. A CRA may not give out information about you to your employer, or prospective employer, without your written consent. A CRA may not report medical information about you to creditors, insurers, or employers without your permission.

How can I stop credit card and insurance companies from sending me unsolicited offers?

Creditors and insurers may use file information as the basis for sending you unsolicited offers of credit or insurance. Such offers must include a toll-free phone number for you to call if you want your name and address removed from future lists. If you call, you must be kept off the lists for two years. You can also ask the CRA to be taken off the lists indefinitely.

For issues relating to Credit Reporting Agencies, creditors, and others not listed below, call the Federal Trade Commission: 1-877-FTC-HELP

For issues relating to National banks call Office of the Comptroller of the Currency, Compliance Management: 1-800-613-6743

For issues relating to Identity Theft, call the Identity Theft Data Clearinghouse: 1-877-THEFT