Cash, Loans, Debts, and Promises

Safeguarding Your Card, Your Money, & Your Future: Lesson 7

Know what your credit report says

  • According to the Fair Credit Reporting Act (that’s a law), you can get a free credit report once every 12 months.
    • There is no excuse to be caught off guard by what’s on your credit report! Read your report before you look for a job!
  • You can get your credit report online from the three main credit services (Equifax, Experian, and TransUnion).
  • You can work with a creditor to get them to fix a mistake they reported in your payment history. Then ask the creditor to report the corrected information to the three credit reporting services.
  • If the report shows student loans you didn’t pay, or bad credit card accounts or other problems with your credit history, don’t pay for credit repair services. Bad credit history will come off the report after the amounts of time we learned about earlier.
  • If you don’t get a job because of bad credit, the law says you have to be given a copy of the credit report and the employer has to tell you of your rights in the Fair Credit Reporting Act. That information is also easy to find online.

 

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