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Fair Credit Reporting Act PDF Print E-mail
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Written by Tamara Schmitt   
Monday, 07 November 2005

The Fair Credit Reporting Act (FCRA) is designed to help ensure that CRAs furnish correct and complete information to businesses to use when evaluating your application.

Your rights under the Fair Credit Reporting Act: 
Last Updated ( Tuesday, 22 August 2006 )
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Denied credit or not getting the terms you want PDF Print E-mail
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Written by Tamara Schmitt   
Monday, 07 November 2005
If you are denied credit, the Equal Credit Opportunity Act requires that the creditor give you a notice that tells you the specific reasons your application was rejected or the fact that you have the right to learn the reasons if you ask within 60 days.
Last Updated ( Wednesday, 23 August 2006 )
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How reliable is the credit scoring system PDF Print E-mail
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Written by Tamara Schmitt   
Monday, 07 November 2005
Credit scoring systems enable creditors to evaluate millions of applicants consistently and impartially on many different characteristics. But to be statistically valid, credit scoring systems must be based on a big enough sample.
Last Updated ( Tuesday, 22 August 2006 )
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How is a credit scoring model developed PDF Print E-mail
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Written by Tamara Schmitt   
Monday, 07 November 2005
To develop a model, a creditor selects a random sample of its customers, or a sample of similar customers if their sample is not large enough, and analyzes it statistically to identify characteristics that relate to creditworthiness. Then, each of these factors is assigned a weight based on how strong a predictor it is of who would be a good credit risk.
Last Updated ( Tuesday, 22 August 2006 )
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Why is credit scoring used PDF Print E-mail
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Written by Tamara Schmitt   
Monday, 07 November 2005
Credit scoring is based on real data and statistics, so it usually is more reliable than subjective or judgmental methods. It treats all applicants objectively. Judgmental methods typically rely on criteria that are not systematically tested and can vary when applied by different individuals.
Last Updated ( Tuesday, 22 August 2006 )
 
What type of information do credit bureaus collect and sell PDF Print E-mail
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Written by Tamara Schmitt   
Monday, 07 November 2005

Credit bureaus collect and sell four basic types of information:

Identification and employment information
Your name, birth date, Social Security number, employer, and spouse's name are routinely noted.
Last Updated ( Wednesday, 23 August 2006 )
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Do I have Rights to my Credit Report PDF Print E-mail
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Written by Tamara Schmitt   
Monday, 07 November 2005
Yes, if you ask for it. The CRA must tell you everything in your report, including medical information, and in most cases, the sources of the information. The CRA also must give you a list of everyone who has requested your report within the past year-two years for employment related requests.
Last Updated ( Tuesday, 22 August 2006 )
 
What is a Credit Report PDF Print E-mail
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Written by Tamara Schmitt   
Monday, 07 November 2005
Your credit payment history is recorded in a file or report. These files or reports are maintained and sold by "consumer reporting agencies" (CRAs). One type of CRA is commonly known as a credit bureau. You have a credit record on file at a credit bureau if you have ever applied for a credit or charge account, a personal loan, insurance, or a job.
Last Updated ( Tuesday, 22 August 2006 )
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