Fair Credit Reporting Act Web Quest

Give 5 examples of people or organizations who can request to see YOUR credit report.

-Creditors and potential creditors. -Mortgage lenders. -Landlords. -Utility companies. -Student loan lenders.

What is the one website you can visit in order to request a free credit report from any of the three bureaus?

AnnualCreditReport.com is the centralized site that allows every consumer to access their free credit report.

TRUE OR FALSE: Under FCRA, each credit bureau must also provide your credit score, free of charge, if you request it.

True you can use Creditkarma.com and it will provide you with your credit score free of charge.

TRUE OR FALSE: FCRA allows you to opt-out of receiving credit card promotions based on your credit history.

True, the FCRA provides you the right to "Opt-Out", which prevents Consumer Credit Reporting Companies from providing your credit file information for Firm Offers.

Explain why someone might want to put a "red flag" on their own credit report.

A red flag is a warning that something suspicious or negative may have happened on an individuals credit report.

Suppose you've already received your free credit reports this year. Give 3 situations in which the credit bureaus would have to provide you an additional free report.

-You had an application denied because of information on your credit report. -You are unemployed and plan to begin looking for a job within 60 days. -You are on welfare.

TRUE OR FALSE: The FCRA applies only to the 3 main credit reporting bureaus -- Equifax, Experian, and TransUnion.

False it also applies to banks, credit unions, and agencies that sell medical records and check writing or rental history records, as well as any business that use information on credit reports for hiring purposes.

TRUE OR FALSE: Equifax, Experian, and TransUnion are legally obligated to provide identical information.

False, they are not legally obligated to provide the same information. They are although obligated to treat the information they receive from their Data Furnishers under the same rules.

What is the maximum amount of time a negative item (late payment, missed payment, default, bankruptcy) can stay on your credit report?

Negative information will remain on your credit reports for seven years with the one major exception being bankruptcies, which can stay on your credit report for ten years.

Suppose you apply for an apartment, and the landlord informs you that, based on your credit report, she is not going to rent you the apartment. According to FCRA, what information must she legally provide you about that decision?

She must provide personal information contained in the files of the credit reporting agencies.

If you review your credit report and find an error, and you're able to prove it is, indeed, an error, how long does the credit bureau have to remove the error?

The credit bureau has 30 to 45 days to investigate. If they determine the information is an error or they cannot verify it the bureau has to remove the information.

There are three main credit reporting bureaus -- Equifax, Experian, and TransUnion. How frequently can you request and receive a free credit report from each bureau?

You can request all three reports at once, or space them out throughout the year.