Only one website is authorized to fill orders for the free annual credit report you are entitled to under law. Other websites that claim to offer “free credit reports,” “free credit scores,” or “free credit monitoring” are not part of the legally mandated free annual credit report program. In some cases, the “free” product comes with strings attached. For example, some sites sign you up for a supposedly “free” service that converts to one you have to pay for after a trial period. If you don’t cancel during the trial period, you may be unwittingly agreeing to let the company start charging fees to your credit card.
Some “imposter” sites use terms like “free report” in their names; others have URLs that purposely misspell the real sites name in the hope that you will mistype the name of the official site. Some of these “imposter” sites direct you to other sites that try to sell you something or collect your personal information.
Just a reminder that the amended FCRA under FACTA - (Fair and Accurate Credit Transactions ACT) allows you to get free annual reports.
FREE CREDIT REPORTS (this free report does NOT come with scores)
To get the reports, you must answer 3 multiple choice test questions about your accounts, account numbers and/or addresses. If the online site does not work, you can still send a written request for a free report ro call each of the bureaus themselves.
If you are looking to dispute your credit report, the easiest way is to do this online. Each bureau allows online disputes. I recently did mine and it was very simple.
Online, you may request investigation of the following items bankruptcies , collection accounts, credit accounts, judgments, liens , garnishments
There are many reasons to dispute, remember it is YOUR RIGHT TO DISPUTE EVEN IF THE REPORT IS ACCURATE !! Make them verify it and if they can't it MUST BE REMOVED !
Generally each bureau when disputing onlne has a drop down list of choices for reasons for dispute. I disputed all of my negatives as -this item doesn't belong to me and for example, 3 of the 5 on my one report were removed. There are other things you can dispute for:
This item does not belong to me
I have never paid this account late
This account is closed
This is a fraudulent account
Fraudulent charges made on this account
When you examine your own credit file that is considered a soft pull. If someone else does a soft pull, it only contains your "credit header" information; name, address, SSN, DOB, employer, previous addresses. financial transactions and account information is excluded.
A soft pull is often done to verify identity or for promotional offers. Anyone with "persmissible purpose" can run a soft pull; if you apply for credit, have an existing account or financial relationship with an individual or business.
If you don't want your information shared for promotional offiers, you must opt out.
1-888-5-OPT-OUT (1-888-567-8688)
Opt-out of "prescreening." Prescreening is the practice of selling lists of customers based on information in the credit file. This is done in order to send unsolicited offers of credit to individuals. In some cases, malicious actors have intercepted these offers of credit and have opened account in others' names.
By calling 1-888-5-OPT-OUT, you can opt-out of "prescreening." Be sure to indicate that you wish to opt-out permanently, otherwise, the CRA will start prescreening you again in five years. To opt-out permanently, you will need to complete a form that the CRAs will send after you complete the call.
You can also opt-out by sending a letter to the three national CRAs. The FTC has a Sample Opt-Out Letter to assist you.
Opt-out of marketing offers that derive from affiliate sharing. Under regulations being developed in 2004, individuals will be able to direct financial institutions to stop sending marketing material from their affiliates. This could result in a significant decrease in junk mail and telemarketing, as some banks have hundreds or even thousands of affiliates. Under the FACTA, your bank will be required in 2005 to give notice of how to opt-out of affiliate sharing marketing.
Opt-out of "affiliate information sharing." Under the FCRA, individuals can prevent banks, credit card companies, and other creditors from sharing "transactional" and other information. It allows a subsidiary of a bank holding company to share credit reports and information from credit or employment or insurance applications with other affiliates even those without permissible purposes.
Sample Opt-Out Letter
(Use this letter if the company provides you the option of writing a letter. Some companies allow you to opt-out with a phone call or an online request, but some prefer to still follow up with a written form) [Date] [Your address] [Name of company] [Company's address as shown in the privacy notice] RE: Opt-Out Instructions for Account #______________ Dear [name if given in the privacy notice]: Following are my instructions with regard to your information sharing and sales policies: You do not have my permission to share my personally identifiable information with non-affiliated third party companies or individuals. I am asserting my rights under the Financial Services Modernization Act (the Gramm-Leach-Bliley Act) to opt-out of any sharing or sales of my information by your company. You do not have my permission to share information about my creditworthiness with any affiliate of your company. I am asserting my rights under the Fair Credit Reporting Act to opt-out of any sharing of this information by your company. [Optional] I do not wish to receive marketing offers from your company or its affiliates. Please delete my name from all marketing lists and databases. [Optional] Your company's privacy notice states you may otherwise use my information as "permitted by law." I wish to limit other uses of my personal information by your company and its affiliates. In particular: You do not have my permission to disclose any information about me, including transaction and experience information, to your affiliates. You do not have my permission to disclose any information about me in connection with joint marketing agreements between your company and another company. Thank you for respecting my privacy and honoring my choices regarding my customer information. Sincerely, [Your signature] [Your name]
-Keep a copy of the letter for yourself. Mail certified mail and keep receipt.
If you believe that your credit report has been used improperly, or that other violations of the FCRA have occurred, consider contacting an attorney who concentrates on FCRA litigation. You can locate an appropriate attorney by contacting your state bar. Additionally, you should contact your state's Attorney General, and file a complaint with the Federal Trade Commission.
FTC Consumer Complaint Form, FTC.
Request that the CRAs withhold the last five SSN digits when supplying credit reports (per section 605 of the Fair and Accurate Credit Transactions Act of 2003)
If you have been--or suspect that you may be--the victim of identity theft you can place a "fraud alert" with the CRAs indicating that you do not allow unauthorized credit to be issued in your name.
Some Consumer reporting agencies and bureaus may claim they they are not.
A consumer reporting agency (CRA) is an entity that assembles and sells credit information and financial information about individuals.
There are three national CRAs in the United States: Experian, Trans Union, and Equifax There are also many smaller credit reporting agencies that usually concentrate on reporting on individuals living in certain regions of the country. Find some others at EconomyExchanges.com
Inspection bureaus, companies that sell information to insurance companies and assist in performing background checks, often are considered CRAs as well. Tenant screening and check approval companies are also considered CRAs. This does include Chexsystems, E-funds, Certegy, Telecheck, Early Warning Serices (EWS), Lexis Nexis, and Cross Check.
Depending on the nature of the operation, other companies can be considered CRAs. Courts have held that private investigators, detective agencies, collection agencies, and even college placement offices can be CRAs under the law
If you are just starting credit repair, you must start with the basics. This is a very simple break down of the steps you need to take in the beginning.
1. Order reports directly from ALL 3 CRAs - If you cannot afford to purchase them you can get your free annual report. *Please keep in mind that disputing with a free annual report gives the CRA more time (45 days). It is not wise to dispute with these because it will lessen your chance for a deletion.
2. Opt out..find out more about OPT-OUT options and why you should at EconomyExchanges.com
3. Update/Delete any personal info with the CRA's *Have as much as possible removed. It would be ideal to only have your current address. No variations of name, addresses or socials. No need for employment information or phone numbers. It is not necessary.
4. Wait until 2 & 3 take effect (give opting out about a week) and READ in the meantime. *Read up on your state laws, the FCRA, FDCPA and the FCBA
5. Triage your reports. *Go to The Economy Exchanges site and find out the SOL for your state. Figure out which accts are out of SOL and start with those. You determine if the acct is out of SOL by the DOFD (date of first delinquency). Please be aware that disputing any accts that are still within SOL could possibly wake up a sleeping giant and you can be sued. So proceed with caution and make sure you understand what you are doing first.
6. Dispute with CRAs *You can do a blanket dispute (dispute everything). Some have luck with this. OR just dispute 3-4 at a time.
Whatever you decide, you must wait until the investigation is over before disputing any more (30+5 days for regular report disputes/45+5 days for disputing with the free reports)
7. Now you WAIT..........and READ.
CAN YOU DELETE NEGATIVES OFF YOUR CREDIT REPORT? THOUSANDS DO IT EVERY DAY !
At Economy Exchanges you will find out where you can get a FREE copy of all the reports that do include Chexsystems, EWS, Experian, Equifax, Transunion, Lexis Nexis, MIB, and more
The difference between a soft credit pull and hard credit pull is drastic. When you or someone else makes an inquiry on your credit report, did you know that the inquiry itself may have a negative impact on your credit score? Not all inquiries are treated equal.
An inquiry occurs when someone examines your credit history and credit score. While a hard inquiry will hurt your credit score, a soft inquiry will not.
A soft pull describes an inquiry that does not affect your credit score. Soft pulls frequently occur and often times you may not even be aware of it happening. Each soft pull is noted on your credit history file but they are only for you to see and are not available for lenders to view. Examples of soft credit pulls include, credit report and score checks that you request yourself, initial credit checks by credit card companies that want to solicit you for a pre-approved credit card, initial credit checks by mortgage companies to pre-approve you for a loan, credit background checks by a potential employer, and periodic credit checks by your insurance or credit card company to keep tabs on you.
A hard pull or hard credit inquiry is very different and does negatively affect your credit score. When you give permission for a lender to check your credit history for the purpose of extending credit to you, the lender will make a hard pull. A hard inquiry is almost always voluntary and is noted on your credit history file by all three credit bureaus for other lenders to see. Hard pull inquiries stay on your credit report for 1-2 years and each hard inquiry can cause a 5 point drop in your credit score for about six months. Examples of hard credit pulls that will affect your credit score include, applications for a new credit card, requests to activate a pre-approved credit card offer, your request to activate the pre-approved card, the lender will take a much deeper look into your history and hit you with a hard pull inquiry, activations of new cell phone contracts, opening a new bank account at some banks and credit unions. Many banks and credit unions will do a hard credit pull now when you open a new account with them.
You will never hurt your credit score by requesting your own credit history file. But whenever a lender is preparing to extend you credit, they will likely run a hard credit check. Because each hard credit pull hurts your credit score, it is best to keep them to a minimum. Too many hard inquiries will signal to potential lenders that you’ve been seeking loans and lenders may consider you a poor credit risk. If you’re not sure, always ask the bank or lender what type of credit inquiry they will be making on your credit report and whether it will be a soft pull or a hard pull inquiry.