Expert Advice Tip Sheet -- Questions About Your Credit Rating -- OnlineOrganizing.com

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	Questions About Your Credit Rating

	By Relocation Property Services

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CREDIT INQUIRIES

lists credit grantors or authorized users who have accessed your credit file
inquiries posted to credit file so you know who has obtained a copy of it
credit grantors inquire before offering pre-approval credit card application
only your name and address available, not your credit history information
not sent to credit grantors or businesses for reasons of credit reporting
listed for your informational purposes only

CREDIT PROFILE

includes identifying information, employment, and items of public record
includes your credit info and list of credit inquiries
does not include race, religion, health, or income
does not include driving record, criminal record, or political preference

DISPUTING A MISTAKE

you can dispute the completeness and accuracy of information in your file
when a credit reporting agency receives a dispute, it must re-investigate
must record the status of the disputed items in a "reasonable period of time"
unless it believes the dispute is "frivolous or irrelevant"
if the credit reporting agency cannot verify a disputed item, it must delete it
if your report contains erroneous information, the agency must correct it
if an item is incomplete, the credit reporting agency must complete it

EXPLAINING YOUR SITUATION

may offer further explanation for items in your credit file
loss of job, military call-up, unexpected medical bills, etc.
you may send a brief statement to the appropriate credit reporting agency
placed in your credit file and disclosed each time profile is accessed

FAIR CREDIT REPORTING ACT

federal law regulating credit reporting companies
in effect since 1971 -- revised FCRA became effective October 1, 1997
protects your right to review and contest information in your credit profiles
defines who can access your information and how you are notified

HOW DIVORCE AFFECTS CONSUMER CREDIT

divorce decree does not supercede the original contract with the creditor
does not release you from legal responsibility on any accounts
contact each creditor individually and seek legal release of your obligation
only after that release can your credit history be updated accordingly

USING A COMPANY TO CORRECT YOUR CREDIT

beware of companies offering to remove accurate information from your file
accurate information cannot be removed from a credit file
nothing you can't do yourself by contacting credit reporting agencies directly
only time will heal a delinquent credit history

WHY WE NEED CREDIT REPORTING

provides information about consumers
helps you make purchases, secure loans, manage finances, etc.
makes it possible for stores to accept your checks
allows banks to offer credit and debit cards
helps businesses to market products
a tool for corporations to better manage their operations

Relocation Property Services is a nationwide relocation resource and service network. For more information, go to the RPS website at www.rpsrelocation.com.

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