A poor credit report can have a devastating impact on a consumers’ life – preventing them from receiving needed lines of credit, losing out on renting or buying a home, or even being passed over for a job. But one of those issues could be a thing of the past with the reintroduction of legislation that would prohibit potential employers from using credit history during the job screening process. [More]
Credit-related mistakes can follow you link a stink you can’t wash off. Have an account go into collections, miss payments on your student loans, credit cards, mortgage, car loan, and that info can linger on your credit report for up to seven years, even if it’s just a fluke. This is particularly a problem with medical debt, where even someone with otherwise pristine credit is unable to pay a huge hospital bill. So why is seven years? [More]
How do you prove you didn’t commit a crime if your accuser won’t tell you which crime you’ve been accused of committing? That’s the problem facing a New Jersey who has spent months trying to convince a shady credit reporting company that he is not the criminal that is showing up in their records. [More]
While it often seems like information brokers can and do sell whatever data they can collect to anyone willing to pay, there are regulations in place regarding the sale of certain types of personal information. Following a test to see how well brokers were adhering to these rules, the Federal Trade Commission has issued warning letters to 10 data brokers who appeared willing to sell consumer information without abiding by standards set forth in the Fair Credit Reporting Act. [More]
Oh, hey, specialty credit reporting companies. Whatcha doing? Just hanging out? That’s great. Listen, just an FYI, you need to be issuing free credit reports to your customers, too. Nope, it’s not just the three largest credit reporting companies, you’re all in the same boat. Our pals at the Consumer Financial Protection Bureau are here to remind you, in case you’d conveniently forgotten. [More]
Yesterday we erroneously reported that while chargeoffs are supposed to disappear from your report after seven years, you can get that clock reset by making payments or otherwise communicating with the creditor.
Negative Items Fall Off Credit Report After Seven Year Itch, As Long As You Don't Scratch 'Em Creditors Don't Fraudulently "Reage" Them
Under the Fair Credit Reporting Act (FCRA), bad items fall off your credit report after seven years, but did you know that if you contact the creditor in any way during that time
you they can use that to illegally reset the clock?
The Fair Credit Reporting Act doesn’t just regulate the Big Three (Experian, TransUnion, and Equifax). It also regulates tenant screening agencies that report things like late rent payments, evictions, and other tenant information. Tenant-related information may show up in traditional credit reports or in tenant screening agency reports. If your rental application is denied, get a copy of any reports that were used in denying your application and, if anything is inaccurate, challenge it.