Credit Histories: Invasion of Privacy

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Credit Histories Invasion of Privacy

• Mark Bairos

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Overview

• What is a credit report?
• What is in my credit report?
• How do credit bureaus get their information?
• Can anyone get my credit report?
• How can I get a copy of my credit report?
• What kinds of problems could I encounter?
• How do I correct wrong information in my credit
  report?
• What is a credit score and its importance?
• Identity Theft

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What is a credit report?

• Financial reliability
• History of paying debts and other bills
• Prepared by credit reporting agencies

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What is in my credit report?

• Identifying information
• Public record information
• Credit history information
• Inquiries

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How do credit bureaus get their information?

• Lenders
• Landlords
• Other users of credit reports

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Can anyone get my credit report?

• The answer is NO
• Fair Credit Reporting Act (FCRA)
• Third parties can access your credit report
• Applications for jobs, loans, apartments, etc.

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How can I get a copy of my credit report?

• Three major credit bureaus
• Equifax
• Experian
• TransUnion

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What kinds of problems could I encounter?

• Mistakes happen
• Late payments listed
• Invalid accounts
• Identity theft

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How do I correct wrong information in my credit
report?

• FCRA give you the right to dispute inaccuracies
  or omissions
• Immediately notify credit bureaus in writing

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What is a credit score and its importance?

• Number calculated by the credit bureau
• The better your credit score the better your
  chances are of getting a loan with an attractive
  interest rate

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Identity Theft

• Con artists
• The most common fraud complaint
• Take immediate action

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Identity Theft Cases

• Identity theft now part of American life
• Data Breaches Bad for Business
• 2.5 Million Identity Theft

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Questions?