Your Financial Profile

You can't escape it. It will always precede you. It represents your reputation in the personal financial community. If it is solid, it can be one of your best assets. If it is damaged, it can be one of your biggest liabilities.The sad truth is that the majority of Americans have never seen their personal consumer information, though their profile affects practically every aspect of their financial lives. Even more disturbing is that of those who have seen theirs, a significant number don't understand what they are reading. As more and more Americans put their funds into the stock and bond markets, it is not uncommon to see people hunched over the morning newspaper, watching one of the financial news networks, surfing the net checking out their portfolios or doing research, or pouring over their monthly investment statements. Unfortunately, few, if any, people realize that were they to dedicate just a fraction of the time they spend reviewing their investments to working on the development of a portfolio, they would dramatically enhance their ability to build the type of financial security they are striving for.
Identification.
Your name, birth date, Social Security Number, employer, and spouses name are routinely noted, as well as possibly your employment history, home ownership, income, and previous address.
Payment history.
Your accounts with different grantors are listed, showing how much has been extended and whether you've paid on time. Overdue accounts, collections, and charge offs are also noted. Inquires.
A record is maintained of all the grantors who have asked for it in the last year, and those persons or businesses who have asked for it in the last two years. Public information.
Events that are a matter of public record, such as liens, judgments, foreclosures, and bankruptcies may also be included.You can be denied loans, insurance, housing, or employment due to the information contained in them. Most financial advisors recommend that you check yours periodically for inaccuracies or emissions. Obviously, it is important that the information be complete and accurate.

On the Tutorial Page of this website we have included the Experian (TRW) codes and score factors

Reasons To Order

If you have never seen a copy, you definitely should order a 3-in-1, which includes Experian, Equifax, and TransUnion. The three national bureaus do not communicate with each other, so you actually have three seperate files. It is up to you to make sure that your history is accurate.

Mistakes DO Happen

Do you know who has had access to your information? Do you know if the information they saw is accurate? According to a study by U.S. PIRG, 70 percent of have errors of some kind and 29 percent contained serious errors like false delinquencies and judgements that don't belong to the consumer.
You are applying for a loan
If you are considering applying for a car loan, bank loan, you will want to see and make sure all information is accurate. Since each inquiry can count against your rating, make sure that your application isn't rejected based on mistakes.

Co-Signed a Loan
If you have co-signed a loan for a family member or friend, their payment record will also appear. Make sure you know how your affected.

Mortgage-shopping
Before you start shopping for mortgage, take a look before the mortgage companies do.

Renting
If you are going to be renting an apartment, especially in a competitive market, it is wise to have a recent copy with you while apartment hunting. Most apartment owners or managers will want to check your information before offering you a lease

Divorce
Your info may be combined with your spouse, and there may be certain transactions that you may not be aware of. If you get a divorce, notify the three major CRA'S that your status has changed to "single." Provide them with new addresses for both you and your ex-spouse. Specify that all accounts should henceforth be separated. Otherwise, transactions may be on the wrong spouse's account. The records could get tangled confused, especially if one of you were to remarry. Occasionally, one or both spouses may experience financial problems during the separation period preceding the final divorce, especially if marital assets are frozen during settlement negotiations. You will need a copy to review with your attorney so that you can accurately evaluate how your divorce will affect you financially.

Fraud Monitoring
Someone may be committing fraud by using your identity and applying for loans in your name. CRA'S do not have to inform you of suspect items, so it's up to you to be vigilant. You should regularly check your information to make sure that all new inquiries and accounts are not fraudulent. Make sure all information is accurate and if you suspect fraud, contact your CRA and ask that they put a fraud alert on your file.

Self-Employed?
If you have your own business, it is imperative that you regularly monitor your financial condition. The more informed, the greater your ability to secure the financing you need to properly build and maintain your company.

Financial Planning
If you use a financial advisor, it is recommended that you check at least once a year and review it with him/her so your financial condition can be accurately assessed.

If you've been denied loans, insurance, or employment because of inaccurate information, the FCRA says the company you applied to must give you the CRA'S name, address, and telephone number. If you contact the agency for a copy of your information within 60 days of receiving a denial notice, the information is free.
The Three Major CRA'S
EXPERIAN, CONSUMER ASSISTANCE, P.O. Box 2002, Allen, TX 75013-0036 Telephone (888)397-3742
EQUIFAX, CONSUMER ASSISTANCE, P.O. Box 740241, Atlanta, GA 30374-0241 Telephone (800) 685-1111
TRANS UNION CORP, CUSTOMER RELATIONS, 2 Baldwin Pl., P.O. Box 1000, Chester, PA 19022 Telephone (800) 888-4213.
Correcting Errors and Disputing Inaccuracies

Under the FCRA, both the CRA and the organization that provided the information to the CRA, such as a bank or grantor, have responsibilities for correcting inaccurate or incomplete information. To protect all your rights under the law, contact both the CRA and the information provider.First, tell the CRA in writing what information you believe is inaccurate. Include copies (NOT originals) of documents that support your position. In addition to providing your complete name and address, your letter should clearly identify each item you dispute, state the facts and explain why you dispute the information, and request deletion or correction. You may want to enclose a copy with the items in question circled. Your letter may look something like the sample below. Send your letter by certified mail, return receipt requested, so you can document what the CRA received. Keep copies of your dispute letter and enclosures.CRAs must reinvestigate the items in question--usually within 30 days--unless they consider your dispute frivolous. They also must forward all relevant data you provide about the dispute to the information provider. After the information provider receives notice of a dispute from the CRA, it must investigate, review all relevant information provided by the CRA.. If the information provider finds the disputed information to be inaccurate, it must notify all nationwide CRAs so they can correct this information in your file. l Disputed information that cannot be verified must be deleted from your file.

If it contains erroneous information, the CRA must correct it.
If an item is incomplete, the CRA must complete it. For example, if your file showed that you were late making payments, but failed to show that you were no longer delinquent, the CRA must show that you're current.
If your file shows an account that belongs only to another person, the CRA must delete it.
When the reinvestigation is complete, the CRA must give you the written results and a free copy of if the dispute results in a change. If an item is changed or removed, the CRA cannot put the disputed information back in your file unless the information provider verifies its accuracy and completeness, and the CRA gives you a written notice that includes the name, address, and phone number of the provider.Also, if you request, the CRA must send notices of corrections to anyone who received one in the past six months. Job applicants can have a corrected copy of theirs sent to anyone who received a copy during the past two years for employment purposes. If a reinvestigation does not resolve your dispute, ask the CRA to include your statement of the dispute in your file and in the future.Second, in addition to writing to the CRA, tell the grantor or other information provider in writing that you dispute an item. Again, include copies (NOT originals) of documents that support your position. Many providers specify an address for disputes. If the provider then includes the item to any CRA, it must include a notice of your dispute. In addition, if you are correct-that is, if the disputed information is not accurate-the information provider may not use it again. Accurate Negative Information When negative information in your file is accurate, only the passage of time can assure its removal. Accurate negative information can generally stay on your report for 7 years. There are certain exceptions:

Information about criminal convictions may be included without any time limitation.
Bankruptcy information may be included for 10 years.
Information included in response to an application for a job with a salary of more than $75,000 has no time limit.
Information included because of an application for more than $150,000 worth life insurance has no time limit.
Information about a lawsuit or an unpaid judgment against you can beincluded for seven years or until the statute of limitations runs out, whichever is longer. Criminal convictions can be included without any time limit.
Adding Accounts to Your File
Your file may not reflect all your accounts. Although most national department store and all-purpose bank card accounts will be included in your file, not all grantors supply information to CRAs: Some travel, entertainment, gasoline card companies, and local retailers are among those grantors that don't. If you've been told you were denied because of an "insufficient file" or "no file" and you have accounts with grantors that don't appear in your file, ask the CRA to add this information tin the future. Although they are not required to do so, many CRAs will add verifiable accounts for a fee. You should, however, understand that if these grantors do not report to the CRA on a regular basis, these added items will not be updated in your file.


Sample Dispute Letter
Date

Your Name
Your Address
Your City, State, Zip Code

Complaint Department
Name of CRA
Address
City, State, Zip Code

Dear Sir or Madam:

I am writing to dispute the following information in my file. The items I dispute are also encircled on the attached copy I received. (Identify item(s) disputed by name of source, such as grantors or tax court, and identify type of item, such as account, judgment, etc.)
This item is (inaccurate or incomplete) because (describe what is inaccurate or incomplete and why). I am requesting that the item be deleted (or request another specific change) to correct the information.
Enclosed are copies of (use this sentence if applicable and describe any enclosed documentation, such as payment records, court documents) supporting my position. Please reinvestigate this (these) matter(s) and (delete or correct) the disputed item(s) as soon as possible.

Sincerely,
Your name

Enclosures: (List what you are enclosing)


SOURCES FOR MORE INFORMATION
The Federal Trade Commission enforces a number of laws and provides consumers with free information.
The ECOA prohibits the denial because of your sex, race, marital status, religion, national origin, age, or because you receive public assistance.
The FCRA gives you the right to learn what information is being distributed about you by CRA'S
The Truth in Lending Act requires lenders to give you written disclosures of the cost and terms of repayment before you enter into a bank card transaction.
The Fair Billing Act establishes procedures for resolving billing errors on your bank card accounts.
The Fair Debt Collection Practices Act prohibits debt collectors from using unfair or deceptive practices to collect overdue bills that your grantor has forwarded for collection.
Nolo Legal Center-An excellent source for legal documents and landlord tenant law.

Citi Credit Bureau
714-441-0083 fax 714-441-0085