‘On The Money’ with Mark Hamrick: Investing pro Tom Lydon shares how ETFs can play a key role in your financial plan
Exchange-traded funds have exploded in popularity in recent years.
The Fair Credit Reporting Act is important to consumers. Bankrate explains it.
The Fair Credit Reporting Act is a law that provides a set of rules that credit bureaus must follow. The act protects everyday Americans by promoting accuracy, fairness, and privacy when it comes to the information in a person’s credit report. The act also designates the Federal Trade Commission as the government authority that enforces it.
The Fair Credit Reporting Act defines what rights U.S. consumers have in relation to credit bureaus. Some of those rights include:
Any time a creditor uses information in someone’s credit report to deny her credit, the creditor must tell her why. In addition, the creditor must give her the name, address, and phone number of the reporting agency he got the information from.
In 2003, an amendment to the Fair Credit Reporting Act specified that anyone has the right to access what’s in her own credit report and that she’s allowed to get one free report from each credit reporting agency every 12 months. She also qualifies for a free report under certain circumstances, such as identity theft, someone taking adverse action against her due to information in her credit report, and being on public assistance.
When buying a home, you can receive your credit score information for free.
Hannibal was denied a loan for bad credit. This came as a surprise to him because he always thought he had great credit. Under the Fair Credit Reporting Act, he’s allowed free access to his credit report once a year, so he pulls his up and realizes it’s showing that he’s delinquent on a previous loan. The problem is that he was never delinquent; in fact, the loan had been paid off months ago. He reports the inaccurate information to the credit bureau, which takes a few weeks to investigate. The credit bureau realizes that Hannibal is correct and removes the negative information. Hannibal’s credit improves overnight.