The credit reports
will include records about consumers' debt levels, financial obligations, credit payments, history of default payments and late payments, according to a statement.
Mortgage lenders, banks, insurers, utilities, employers, and other businesses may obtain credit reports
from credit bureaus to assess how an individual manages their responsibilities," the Fed said in a release.
But while a certain amount of regulation is sensible--requiring credit-reporting companies to send credit reports
to all their customers every year would be a good start--it might not be the best way to fix the problem.
Review your credit reports
regularly to check that the information is accurate and file disputes when you need to make corrections.
Unlike freezes, retailers are still able to access credit reports
, just with fraud alerts attached.
However, many consumers did not know more detailed information, such as how long items remained on their credit reports
or the impact their credit history could have on insurance rates and potential employment.
Together, these agencies generate more than a billion credit reports
each year, providing the vast majority of information for creditors, employers and insurers, according to the Federal Reserve.
Statement of the applicant's right to obtain a copy of their credit report
within 60 days, and their right to dispute information in the report.
The bill also amends the FCRA in other areas, adding new provisions including several steps to prevent and punish identity theft, requiring credit reporting agencies to provide any consumer one free copy of his or her credit report
per year, tightening requirements for correcting incorrect or fraudulent information in a credit report
and limiting the use of credit reports
in employee investigations.
If the driver's license address is not on the application, write it down so you can later cross-check it with the addresses listed on the housing and credit reports
follow how you actually manage credit.
He applied for the home loan and was surprised to learn that his credit report
revealed an extra $87,000 of debt including a car loan, educational loan, and home improvement loan, other things.
place alerts in consumer credit reports
to prevent identity thieves from opening accounts in their names
Consumers' best weapon against identity thieves is to monitor credit reports
for suspicious data.
Allstate has been using information in credit reports
since the early 1990s, but it began using insurance scores only in 1999.