Credit Report Weblog

An act passed in December known as The Fair and Accurate Credit Transactions Act allows consumers to add a Fraud Alert to credit reports if they were subjected to identity theft. Fraud Alerts advise potential creditors that the applicants are carrying a high risk of fraud and often creditors decline applications rather than to take that risk or to pay employees to ensure that the applications are genuine. Another side effect of Fraud Alerts is that consumers often can no longer get their own individual credit reports and their credit disputes may be refused.

Borrow at the best of the terms, display a laid back attitude on repayments for this shall affect one’s future credit worthiness. More the number of defaults on even trivial payments, higher will be the damage on your future transactions. Settle your dues to society, come clean for such funds for welfare programmes avoiding recourse to taxation. It inculcates ethical values in the citizens. Remember the village whose members were asked to donate wheat to a common cause and everyone brought sand expecting his neighbor to donate wheat. Moral is that credit report is a scanner by, for and of the society.

A New Jersey law which was effective from Jan 1 aims to crack down on identity theft by allowing state residents to freeze access to personal credit reports.  Under the law, which was introduced by Sen. Shirley K. Turner (D), the residents can control access to their personal credit reports directly. Consumers who wish to freeze access to their reports are required to inform the credit reporting agencies by overnight or certified mail since the letter includes their Social Security number. Click more to know about the credit reports.

Freezing consumer’s credit reports to curtail raising identity thefts, Wisconsin introduced a bill proposing penalties for stealing mails and limitation on collection of consumer social security numbers. The bill aims to avoid information sharing by credit reporting agencies with third parties without consumer’s request. Another bill speaks of consumers being modified within thirty days about stolen information. Failing which erring firms can face lawsuits. Heavy fine is also proposed on deceptive Spam E-mails used to steal customer identity. Major hurdle is that identity thieves operate form outside America making credit report enforcement difficult.

A New Jersey law which was effective from Jan 1 aims to crack down on identity theft by allowing state residents to freeze access to personal credit reports.  Under the law, which was introduced by Sen. Shirley K. Turner (D), the residents can control access to their personal credit reports directly. Consumers who wish to freeze access to their reports are required to inform the credit reporting agencies by overnight or certified mail since the letter includes their Social Security number.

A new law enables the residents of New Jersey to install a security freeze to block access of people to the information on their credit reports. This will enable the citizens to protect their personal financial information from identity theft. With this law, even social security number of the person is not sufficient to obtain access to the credit report. There is an elaborate procedure to freeze and ‘thaw’ the credit report.

Inaccuracies in one’s credit report could portray a poor impression of your credit history and may lead to denial of credit or even employment. The inaccuracies cost thousands of dollars in a year. The errors in credit accounts are not restricted to typographical errors but covered other aspects as personal information and closed accounts still listed as open. Federal laws are rendered ineffective due to lack of awareness and initiative on the part of the individuals to verify their credit reports.