The ‘3 Credit Reports’ and Your Rights as a Consumer

You probably have heard talk of the ‘3 credit reports’ before. This refers to the financial records that are held by three major credit bureaus (Experian, TransUnion, and Equifax.)

These three agencies mentioned above operate within the United States. They are in compliance with the Fair and Accurate Credit Transaction Act of 2003 (FACTA). These bureaus are operated in according to all consumer debt and financial rights and responsibilities.

Some of the rights you have as a consumer include these:

• The right to have credit card alerts put on your file in the even of an unauthorized charge or other indication of stolen identity: Maybe someone used your name or address to get utilities hooked up in a home or maybe they found your birth date or credit card number and used it to make purchases/ apply for a loan.

• You have the right to have tampered credit information blocked. You should seek more details about this within the FTC website or within Fair Credit Reporting Act documentation. Usually this is a procedure that you would carry out if you have recently become a victim of identity theft.

• You have the right as a consumer to see your credit report when you want to. It may cost you if you have already received your limit of free copies for the year. However, at any time you have the right to see it.

• If you apply for credit you have the right to see the documentation used by a financer to see the reason you were denied credit. If you are denied credit for any reason you also have the right to dispute it. In some cases it could be an error to no fault of your own or there could be extenuating circumstances that may still allow you to be granted a loan or other financing.

• You have the right to dispute any negative credit marks against you. This includes ones that may have been a result of unauthorized purchases. It also includes ones that have been on your credit report longer than seven years.

• You have a right to have any debt you owe as well as any supposed debtor or collection agency verified. Knowing the source of the collection notices you receive can save you a heap of hurt. Beware of scams pertaining to this!!

Purpose of Seeking Credit Reports

The purpose of seeking the ‘3 credit reports’ or in other words the three credit reports from top agencies is to track your history. This is useful for a variety of reasons. Not only does it help protect you against identity theft but it also can be a very important stop towards improving your financial situation.

Important Tip

You do not have to be embarrassed or ashamed about needing to see a copy of your ‘3 credit reports.’ Consumers and businesses make inquiries all the time. Of course, you should make inquiries in moderation or this could count against you more than you would like it to.