John Cole Gayle, Jr., Esq. & Ian Edward Vance, Esq.Protecting and fighting for consumer rights
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Your Credit Report: What should you know?
In today's rocky economy, having good credit standing is vital for the typical consumer. Few of us go through life without needing to borrow money from a bank or finance center. Whether you are approved for the loan and at what interest rate depends largely on your credit history. At The Consumer Law Group, we understand the importance of maintaining good credit. In the interest of promoting consumer fairness and awareness, we have provided the following summary of rights and protections you are afforded when it comes to your credit. If you've ever applied for a charge account, a personal loan, insurance, or a job, someone is probably keeping a file on you. This file might contain information on how you pay your bills or whether you've been sued, arrested, or have filed for bankruptcy. The companies that gather and sell this information are called Consumer Reporting Agencies, or CRAs. The most common type of Consumer Reporting Agency is the credit bureau. The information sold by Consumer Reporting Agencies to creditors, employers, insurers, and other businesses is called a consumer report. This generally contains information about where you work and live and about your bill-paying habits. In 1970, Congress created a law that gives consumers specific rights in dealing with Consumer Reporting Agencies. The Fair Credit Reporting Act protects you by requiring that Consumer Reporting Agencies furnish correct and complete information to businesses for use in evaluating your application for credit, insurance, or a job.