Education

Know Your Rights

Your rights under the Fair Credit Reporting Act:
The Fair Credit Reporting Act was enacted in 1971 to promote accuracy and ensure the privacy of the information used in consumer reports.

• You have the right to receive a copy of your credit report. The copy of your report must contain all the information in your file at the time of your request.

• You have the right to know the name of anyone who received your credit report in the last year for most purposes or in the last two years for employment purposes.

• Any company that denies your application must supply the name and address of the credit bureau they contacted, provided the denial was based on information given by the credit bureau.

• You have the right to a free copy of your credit report when your application is denied because of information supplied by the credit bureau. Your request must be made within 60 days of receiving your denial notice.

• If you contest the completeness or accuracy of information in your report, you should file a dispute with the credit bureau and with the company that furnished the information to the bureau. Both the credit bureau and the furnisher of information are legally obligated to investigate your dispute.

• You have a right to add a summary explanation to your credit report if your dispute is not resolved to your satisfaction.

Calculating your credit score:

• Payment History – this makes up 35% of your score
• Amounts Owed – this makes up 30% of your score
• Length of Credit History – this makes up 15% of your score
• Credit Mix in Use – this makes up 10% of your score
• New Credit – this makes up 10% of your score