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| Consumer Credit - Credit Cards |
FYI
- National
Institute for Consumer Education has lots of information.
"The mission of the National Institute for Consumer Education is
to empower people to become informed consumers, reasoned decision
makers and participating citizens in a global marketplace."
- Bankrate.com has comparison info (interest rates, fees) on credit cards.
Credit Reports
About Credit Reports
Credit reporting agencies are warehouses for data on your debts and credit lines.
They keep a list of all your debts, credit cards, etc. in a "credit report" or "credit profile".
They will also keep information on where you live and where you work.
Banks and others use the information to decide how "safe" it is for them to extend credit to you.
They also send data on how much credit you're using, and your payment history, back to the agencies.
It's wise to check your credit reports
periodically, to make sure the agencies have correct information
on you, and to make sure no one is using credit cards under your
name or has "stolen" your identity.
- If you have been denied credit or some other benefit based in part on
information from one of the credit reporting agencies, you have the
right to obtain a copy of their report for free, and to dispute items that you feel are incorrect.
(This is legislated by the Fair Credit Reporting Act [FCRA], 15 U.S.C. 1681-1681u, which may be found on the FTC website.)
When you dispute an item, the credit reporting agency will request verification of it from whoever reported the item in your report.
- If you just want to check your credit report, in some
states (CO, GA, MA, MD, NJ, VT), you have the right to a free
copy (two in GA) of your report each year. In other
states, the agencies will charge you a nominal fee (varies by
state, was $5-8 in 1998).
The agencies also offer subscription services, which
automatically send you a copy of your report periodically, and
notify you of any changes to it.
List of Credit Reporting Agencies
Listed below are "Big Three" credit reporting agencies. They all
offer an automated telephone inquiry system, which you can
request a copy of your report from. Most also offer
Internet-based viewing or ordering of reports (for a fee).
Note: If you want to request a free copy of your credit report because you've been denied
credit, use the automated phone lines. The web services currently are only for paying customers.
(How do they know if you've been denied credit? They ask you.
They may also check your file to see if there have been any inquiries recently.)
Cut Down on Junk Mail
If you're getting offers of pre-approved credit cards,
insurance, etc. and want to cut down on these, call
888-5-OPTOUT (888-567-8688) and get put on the opt-out list.
This instructs the major credit reporting agencies not to provide
your information to direct marketers.
Credit Counselling, Debt Planning
"If you're getting phone calls from creditors or just making
minimum payments, you should call us before things get really out
of control."
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