CREDIT REPORT ISSUES

Have you recently applied for credit and been declined?

Does your credit score seem lower than it should?

Have you reviewed your credit reports and determined that there are certain line items that either don’t look right or should be deleted?

JENESQ might be able to help.

If you have incurred debt in the past, there is a good chance that one or more of the three credit bureaus (Experian, Equifax, and TransUnion) are showing “trade-lines” that are either errant or should be removed. You have certain legal rights pertaining to your credit reports and resulting credit score.

The Fair Credit Reporting Act (“FCRA”) (15 U.S.C. § 1681, et seq.) is a federal statute that was enacted to promote the accuracy, fairness, and privacy of consumer information contained in the files of consumer-reporting agencies. There are several types of consumer reporting agencies, including the three credit bureaus as well as specialty agencies that, for example sell information about check writing histories, medical records, and rent payment records.

In accordance with the FCRA, you have certain rights, including:

• The right to be told if information in your file has been used against you when you are denied credit, insurance, or employment
• The right to know what information is contained in your file (“file disclosure”) – you are entitled to a free file disclosure if a person has taken an adverse action against you because of information in your credit report (for example, denied credit), you are the victim of identity theft, your file contains inaccurate information as a result of fraud, you are on public assistance, or you are unemployed but expect to apply for employment within 60 days
• The right to request a credit score (though you may have to pay for it) – in some transactions such as a mortgage loan or an automobile loan, you will receive your credit score information from the lender for free
• The right to dispute incomplete or inaccurate information – if you contact the reporting agency and dispute inaccurate information, the agency must investigate
• The right to have inaccurate information in your file corrected or deleted within 30 days
• The right to have outdated negative information (usually over 7 years old) deleted
• The right for your information to only be shared with those who have valid need (for example, creditor reviewing request for credit, insurer, employer, landlord)
• The right to NOT have your information shared with your employer / potential employer unless you give written consent (generally not required in trucking industry)
• The right to seek damages if a reporting agency (or in some cases a creditor furnishing information to an agency) violates the FCRA

It is a very good idea for you review your credit reports at least one time per year. You can download your full credit report from each of the three credit bureaus ONE TIME per year FOR FREE at www.annualcreditreport.com. If you see inaccuracies on your credit report or are otherwise having credit issues, JENESQ might be able to help.