Credit Issues in the News
We like to keep you informed on current credit issues that
could be affecting you right now. We keep up with credit
related issues such as Identity Theft, Credit Reports, Credit
Bureaus, and more. We even inform you of any credit scams
that you should avoid or may have already been a victim. We
also appreciate any input you may have on any credit issues.
If you have myspace you can go to our page there for
current issues as well as live questions and answers. You
can subscribe to our blog which we update weekly and if you
want you can request to join our myspace group Credit Talk,
where we only discuss credit and debt related issues. Log on
and go to: www.myspace.com/creditrepairservices
could be affecting you right now. We keep up with credit
related issues such as Identity Theft, Credit Reports, Credit
Bureaus, and more. We even inform you of any credit scams
that you should avoid or may have already been a victim. We
also appreciate any input you may have on any credit issues.
If you have myspace you can go to our page there for
current issues as well as live questions and answers. You
can subscribe to our blog which we update weekly and if you
want you can request to join our myspace group Credit Talk,
where we only discuss credit and debt related issues. Log on
and go to: www.myspace.com/creditrepairservices
One In Four Credit Reports Contains
Errors Serious Enough To Wreak
Havoc For Consumers
WASHINGTON,D.C.—One in four
credit reports contains errors serious
enough to cause consumers to be
denied credit, a loan, an apartment
or home loan or even a job,
according to a new survey released
today by U.S. PIRG.
"The big credit bureaus and big
business tolerate big mistakes in
credit reports," said Ed Mierzwinski ,
U.S. PIRG Consumer Program
Director. "But those mistakes ruin the
financial reputations of hardworking
Americans."
Three national credit bureaus,
Equifax, Experian, and Trans Union,
collect and compile information
about consumer
creditworthiness from banks, creditors
and from public records such as
lawsuits, tax liens and bankruptcy
filings. The so-called "Big Three"
each maintains a file on nearly every
adult American. The resulting credit
report amounts to a consumer's
financial résumé. The credit score
calculated from this report is a
consumer's financial SAT.
Over the last decade, the state PIRGs
and other consumer organizations
have issued numerous reports
showing that sloppy credit bureau
practices are at fault for errors in
consumer credit reports.
"It is outrageous that inaccurate
credit reports could damage 1 in 4
consumer's ability to buy a home,
rent an apartment, obtain credit,
open a bank account, or even get a
job," said Mierzwinski.
U.S. PIRG collected 200 surveys from
adults in 30 states who reviewed their
credit reports for accuracy.
Key findings include:
- Twenty-five percent (25%) of the
credit reports contained errors serious
enough to result in the denial of
credit;
- Seventy-nine percent (79%) of the
credit reports contained mistakes of
some kind;
- Fifty-four percent (54%) of the credit
reports contained personal
demographic identifying information
that was misspelled, long
outdated, belonged to a stranger, or
was otherwise incorrect;
- Thirty percent (30%) of the credit
reports contained credit accounts
that had been closed by the
consumer but incorrectly remained
listed as open.
In December 2003, Congress passed
the Fair and Accurate Credit
Transactions Act (FACT Act), which
included the right to a free annual
credit report on request and a
number of provisions designed to
improve the accuracy of credit
reports. On June 4, the Federal Trade
Commission finalized its rule for
implementing the new consumer
right to a free credit report, rolling it
out over a nine-month period,
beginning on the west coast in
December 2004 and finishing on the
east coast in September 2005. "In
the last five years the FTC has fined
the Big Three credit bureaus millions
of dollars for not helping consumers
clean up inaccurate reports, yet
recently allowed the credit bureaus
to roll out the new right to a free
credit report at a snail's pace," said
Mierzwinski. "It's shocking that most of
the country needs to wait until next
year to get the important rights
Congress promised them last year."
Regardless of the delay, PIRG
recommended that consumers
examine all three credit reports at
least once each year, before they
apply for credit. Consumers can
already get free reports in Colorado,
Georgia, Maryland, Maine,
Massachusetts, New Jersey and
Vermont. Consumers who have
recently been denied credit, are
unemployed or collecting benefits, or
believe themselves to be victims of
identity theft or fraud may also
receive a free copy of their report. In
other circumstances, consumers will
pay about nine dollars for a report
until the Federal Trade Commission
fully implements the new law.
U.S. PIRG also called on Congress
and state legislatures to finish the job
and to go beyond the FACT Act to
protect consumers' financial privacy
and ensure the accuracy of credit
reports. Specifically, U.S. PIRG
called on Congress and state
legislatures to strengthen a
consumer's private right of action to
seek redress through the courts when
a credit bureau or a creditor fails to
protect personal information or to
comply with an investigation; limit or
prohibit the use of a consumer's
Social Security number; and give
consumers more control over who has
access to their credit reports and
when. U.S. PIRG is the national
lobbying office for state Public
Interest Research Groups. State
PIRGs are public interest advocacy
organizations with offices around the
country. U.S. PIRG's consumer
webpage is at: http://www.pirg.
org/consumer .
Errors Serious Enough To Wreak
Havoc For Consumers
WASHINGTON,D.C.—One in four
credit reports contains errors serious
enough to cause consumers to be
denied credit, a loan, an apartment
or home loan or even a job,
according to a new survey released
today by U.S. PIRG.
"The big credit bureaus and big
business tolerate big mistakes in
credit reports," said Ed Mierzwinski ,
U.S. PIRG Consumer Program
Director. "But those mistakes ruin the
financial reputations of hardworking
Americans."
Three national credit bureaus,
Equifax, Experian, and Trans Union,
collect and compile information
about consumer
creditworthiness from banks, creditors
and from public records such as
lawsuits, tax liens and bankruptcy
filings. The so-called "Big Three"
each maintains a file on nearly every
adult American. The resulting credit
report amounts to a consumer's
financial résumé. The credit score
calculated from this report is a
consumer's financial SAT.
Over the last decade, the state PIRGs
and other consumer organizations
have issued numerous reports
showing that sloppy credit bureau
practices are at fault for errors in
consumer credit reports.
"It is outrageous that inaccurate
credit reports could damage 1 in 4
consumer's ability to buy a home,
rent an apartment, obtain credit,
open a bank account, or even get a
job," said Mierzwinski.
U.S. PIRG collected 200 surveys from
adults in 30 states who reviewed their
credit reports for accuracy.
Key findings include:
- Twenty-five percent (25%) of the
credit reports contained errors serious
enough to result in the denial of
credit;
- Seventy-nine percent (79%) of the
credit reports contained mistakes of
some kind;
- Fifty-four percent (54%) of the credit
reports contained personal
demographic identifying information
that was misspelled, long
outdated, belonged to a stranger, or
was otherwise incorrect;
- Thirty percent (30%) of the credit
reports contained credit accounts
that had been closed by the
consumer but incorrectly remained
listed as open.
In December 2003, Congress passed
the Fair and Accurate Credit
Transactions Act (FACT Act), which
included the right to a free annual
credit report on request and a
number of provisions designed to
improve the accuracy of credit
reports. On June 4, the Federal Trade
Commission finalized its rule for
implementing the new consumer
right to a free credit report, rolling it
out over a nine-month period,
beginning on the west coast in
December 2004 and finishing on the
east coast in September 2005. "In
the last five years the FTC has fined
the Big Three credit bureaus millions
of dollars for not helping consumers
clean up inaccurate reports, yet
recently allowed the credit bureaus
to roll out the new right to a free
credit report at a snail's pace," said
Mierzwinski. "It's shocking that most of
the country needs to wait until next
year to get the important rights
Congress promised them last year."
Regardless of the delay, PIRG
recommended that consumers
examine all three credit reports at
least once each year, before they
apply for credit. Consumers can
already get free reports in Colorado,
Georgia, Maryland, Maine,
Massachusetts, New Jersey and
Vermont. Consumers who have
recently been denied credit, are
unemployed or collecting benefits, or
believe themselves to be victims of
identity theft or fraud may also
receive a free copy of their report. In
other circumstances, consumers will
pay about nine dollars for a report
until the Federal Trade Commission
fully implements the new law.
U.S. PIRG also called on Congress
and state legislatures to finish the job
and to go beyond the FACT Act to
protect consumers' financial privacy
and ensure the accuracy of credit
reports. Specifically, U.S. PIRG
called on Congress and state
legislatures to strengthen a
consumer's private right of action to
seek redress through the courts when
a credit bureau or a creditor fails to
protect personal information or to
comply with an investigation; limit or
prohibit the use of a consumer's
Social Security number; and give
consumers more control over who has
access to their credit reports and
when. U.S. PIRG is the national
lobbying office for state Public
Interest Research Groups. State
PIRGs are public interest advocacy
organizations with offices around the
country. U.S. PIRG's consumer
webpage is at: http://www.pirg.
org/consumer .
| To watch the videos below just click the play button. |
Identity Theft Prevention | What Can You Do to Protect Yourself?
| From the U.S. Treasury Dept. Explains the steps you can take to protect yourself from identity theft. |
Identity Theft Prevention | How Do Criminals Steal Your Identity?
| From the U.S. Treasury Dept. Explains the many ways criminals attempt to steal your information (skimming, dumpster diving, phishing, spyware, etc.) Shows in detail ATM skimming machine. Also explains what criminals do with your stolen data. |
Identity Theft Prevention | Credit Reports & Fraud Alerts
| From the U.S. Treasury Dept. Explains how to obtain free credit reports from the credit bureaus. Also explains how Fraud Alerts work and how to activate them. |
Questions or comments about Credit News?
Email them to: creditnews@treyhall.com
Email them to: creditnews@treyhall.com
TREY HALL & ASSOCIATES
We Provide Our Clients With Continual Credit Education & News
| Credit News |
| This website was designed by TH-Marketing |
| 1-888-486-5161 |
 | |  | |  | |  | |  | |  |
 |  |  |  |  |  |
 |  |  |  |  |  |