TUTORIAL TEXT
Welcome to Garv Financial.
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This is Gaurav Bhola and the tutorial is about “Know your Consumer Rights – Improve your Credit Rating, Credit Score, or Credit Report.”
This tutorial covers important consumer rights information as related to credit and informative tips on improving your credit.
Importance of Knowing your Consumer Rights
It is critical that you know your consumer rights, as it relates to credit rating/credit score, credit history, and credit report. A healthy credit rating or credit score is an important contributing component of your overall financial picture. Your credit history may be used to evaluate your applications for credit, employment, insurance, loans, leases, and more. Additionally, the status of your credit report and associated credit rating may be used to approve or decline you for services. Herein, be aware of protection your consumer rights can afford to you.
Know your Credit Report Rights
The credit report has meticulous information about your credit history and more, such as where you live, whether you’ve been sued or arrested, how you pay your bills, or have ever filed for bankruptcy.
The Fair Credit Reporting Act (FCRA) promotes the privacy and accuracy of information possessed by the nation’s consumer reporting agencies. Under federal Fair Credit Reporting Act guidelines, you have the right to receive the latest and most accurate copy of your credit report.
The consumer reporting agencies – TransUnion, Experian and Equifax by law are obliged to furnish you a free copy of your credit report, upon your request, once every 12 months. The free credit report can also be requested at AnnualCreditReport.com, the only government approved site for credit report requests.
Additional Credit Report Rights
You have the right to know if anyone has requested your report within the recent past, usually between one to two years for previous employment related inquiries.
If your application is declined by a company, under the law the name and address of the consumer reporting agency they contacted must be provided to you, as well as being furnished the information upon which the denial was issued.
You can attempt to remedy any errors or omissions in your credit report by contacting the credit reporting agencies and challenging the accuracy, completeness of information contained within your report. The credit agencies must investigate your request and correct any credit information as needed.
If your request for remedy is unresolved, you have the right to write an addendum explanation to your credit report. The credit reporting agency can include your statement addendum with any request for a copy of your report, as per you instructions. Nevertheless, there is an additional fee for this service.
My name is Gaurav Bhola.
Thank you, very much for watching the tutorial on “Know your Consumer Rights – Improve your Credit Rating, Credit Score, or Credit Report.”
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