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About Identity (ID) Theft

ABOUT YOUR CREDIT REPORT

· What if I don't know who or how much I owe?

· What Personal information is in my report?

· Do public records appear on my report?

· If I overdraw my bank account, does it affect my report?

· How long does information stay in a credit file?

· Why are there items on my report longer than 7 years?

· What happens when I pay a collection, judgment, or tax lien?

· How do I remove an item after the timeframe has passed?

· What about repair clinics that promise to remove bad credit?

· Who can look at my credit file?

· Why are there so many inquiries on my report?

· How long do inquires remain on my report?

· What if I have a common name?

· How often should I review my report?

What if I don't know who or how much I owe?
Your credit reports will help. Information on your report will include the names of your creditors, the account numbers, who is responsible for making the payment, the date the account was opened, and the date the information was reported. Other information may include the high credit amount, the correct balance, the amount of the payment, the type of account, and the status of the account, including historical information.

What Personal information is in my credit file?
Credit reports contain personal information that you supply when you apply for credit. This information could include your name, your spouse's name, address, previous addresses, employment, previous employment, Social Security Number and year or date of birth.

Do public records appear on my report?
Public record information such as bankruptcies, court judgments, disposition of lawsuits, and tax liens may also appear in your credit file.

If I overdraw my bank account, does it affect my report?
No. Bank account information is not normally included in your credit report. Many banks and credit unions use ChexSystems to report mishandled accounts. You can request a copy of your ChexSystems file by visiting www.chexhelp.com.

How long does information stay in a credit file?
As a general rule, information remains in your credit file for 7 years from the date of last activity or the date the document was filed with the courts. For example, Chapter 13 Bankruptcy would remain in your file for 7 years from the filing date.

Why are there items on my report longer than 7 years?
There are some exceptions to the 7 year timeframe. For example, Bankruptcy Chapters 7, 11, and 12 will remain in the file for 10 years from the date filed. Open charge accounts will remain in the file indefinitely, or 7 years from the date the account is closed. "As Agreed/Closed" accounts should not damage your credit score and may remain in your file for 10 years.

What happens when I pay a collection, judgment, or tax lien?
When a collection, judgment, or tax lien is paid it will not be removed from your credit file. It will be updated to show it has been paid. It will have the word "Satisfied", "Released", or "Paid" beside it.

How do I remove an item after the timeframe has passed?
When accounts reach the time limit listed above, they are automatically purged from your credit file. No action is necessary on your part.

What about repair clinics that promise to remove bad credit?
Buyers beware! If an organization claims it can remove negative, but accurate credit information from your credit report, they are either lying or committing fraud. Consumers can dispute inaccurate information directly with the credit reporting agency for free or at minimal cost. No one can legally remove accurate negative information from your credit report. A dispute form will be included when you order your credit report.

Who can look at my credit file?
Section 604 of the Fair Credit Reporting Act (FCRA) sets forth requirements, called "permissible purposes," that must be met before anyone can inquire into your confidential credit file. A few of the most common permissible purposes are:

· In response to the order of a court or a Federal grand jury subpoena

· For the extension of credit or insurance

· To review or pursue collection of an account

· For employment purposes or to grant a license

· To establish eligibility for a government benefit

· In response to a request by a child support enforcement agency

You can find the complete text of the FCRA by visiting the Federal Trade Commissions website www.ftc.gov.

Why are there so many inquiries on my report?
There are two types of inquires. The first type of inquiry is initiated by a creditor who may wish to grant you credit (called "prescreening"). These inquiries do not affect your credit worthiness and will not be seen by potential creditors. However, they will appear on your report because you have a right to see all types of inquiries on your file. The second type of inquiry, where you initiated the application for credit, will appear on your report as well as any potential creditor's report.

How long do inquires remain on my report?
Inquiries remain on file for 2 years.

What if I have a common name?
It's very important to use your full legal name (not nicknames or first initials), include generation such as junior, senior, II, III, or IV if appropriate. Fill out all requested information on the credit applications, including your date of birth, current address, and previous addresses. If a mixed file should occur, simply fill out a dispute form explaining the situation and mail it to the agency that reported the information.

How often should I review my report?
Experts recommend reviewing your credit report at least once each year and prior to making any major purchase. If you've been a victim of fraud or have a common name, you may wish to view your report more frequently. You might wish to purchase a monthly monitoring service.