If you've have ever applied for a charge account, a personal loan, insurance, or a job, there's a file on you. This file contains information on where you work and live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy.

The companies that gather and sell this information are called Consumer Reporting Agencies (CRAs). The most common type of a CRA is the bureau. The information CRAs sell is called a consumer report.

The errors that occur at the 3 major Reporting Bureaus has reached staggering numbers. With over 75 percent of all reports containing some sort of error, the vast majority of consumers has been or will be affected by a problem with inaccurate history. At least 25 percent of reports contain errors so severe that it would cause a loan or mortgage application to be denied.

The Fair Reporting Act, enforced by the Federal Trade Commission, is supposed to ensure accuracy and the privacy of the information used in consumer reports. Recent amendments to the Act expand your rights and place additional requirements on CRAs. Businesses that supply information about you to CRAs and those that use consumer reports also have new responsibilities under the law.

Here are some important questions and answers about your rights under Federal Law.

Q. How do I find the CRA that has my report?

A. Contact the CRAs listed in the Yellow Pages under "credit" or "credit rating and reporting." Because more than one CRA may have a file on you, call each until you locate all the agencies maintaining your file. The three major national bureaus are:
· Equifax
P.O. Box 740241
Atlanta, GA 30374-0241
(800) 685-1111.

· Experian
P.O. Box 2104
Allen, TX 75013
(888) EXPERIAN (888-397-3742).

· Trans Union
P.O. Box 1000
Chester, PA 19022
(800) 916-8800.

This is really important. Anyone who takes action against you in response to a report supplied by a CRA -- such as denying your application for credit, insurance, or employment -- must give you the name, address, and telephone number of the CRA that provided the report.

Q. Do I have a right to know what's in my report?

A. Yes you do but you MUST 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.

Q. Is there a charge for my report?

A. Sometimes. The good news is that there's no charge if a company takes adverse action against you, such as denying your application for credit, insurance or employment, and you request your report within 60 days of receiving that notice of the action. The notice will give you the name, address, and phone number of the CRA. In addition, you're entitled to one free report a year (1) you're unemployed and plan to look for a job within 60 days, (2) you're on welfare, or (3) your report is inaccurate because of fraud. Otherwise, a CRA may charge you up to $9 for a copy of your report. The amount varies by state.

Q. What can I do about inaccurate or incomplete information?

A. Under the new law, both the CRA and the information provider have responsibilities for correcting inaccurate or incomplete information in your report. To protect all your rights under this law, contact both the CRA and the information provider.

First, tell the CRA in writing what information you believe is inaccurate. CRAs must reinvestigate the items in question - usually within 30 days -- unless they consider your dispute frivolous.

Now we get to the good part. If you have several items to dispute and submit them at the same time the CRA will almost always consider your dispute frivolous. Sorry, that’s just the way it is. Your best bet is to dispute one or two items at a time. Send your letter, wait two weeks, send the next letter and so on. Best idea is to find something wrong with what is being reported. Check the details. Are the dates correct, the amount correct, the payments correct? Do you even owe the debt? Was it paid off?

The CRA must forward all relevant data you provide about the dispute to the information provider. After the information provider receives notice of a dispute from the CRA, it must investigate, review all relevant information provided by the CRA, and report the results to the CRA. If the information provider finds the disputed information to be inaccurate, it must notify all nationwide CRAs so that they can correct this information in your file.

Now for the REAL story. The information provider will almost always responds saying they investigated and the debt is valid. That's all it takes for the CRA to substantiate the debt and tell you to take a hike. Now think about it, you have a debt that is not yours and you go to the CRA to dispute it. They send a letter and to the no good company reporting you as a deadbeat and asked them to substantiate a non-existent debt. To add insult to injury that no good company tells the CRA it’s good debt and your SOL.

When the reinvestigation is complete and it’s favorable to you, the CRA must give you the written results and a free copy of your report. If an item is changed or removed, the CRA cannot put the disputed information back in your file unless

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the information provider verifies its accuracy and completeness, and the CRA gives you a written notice that includes the name, address, and phone number of the provider.

Second, tell the creditor or other information provider in writing that you dispute an item. Many providers specify an address for disputes. If the provider then reports the item to any CRA, it must include a notice of your dispute. In addition, if you are correct -- that is, if the information is inaccurate -- the information provider may not use it again.

Personally, after helping dozens of people clear negative, incorrect information from their reports I can tell in option 1 is a necessary step but for the most part a useless step. Going right to the creditor and documenting the attempt is by far the best way to remove the inaccurate information on your reports. After disputing the information to the creditor, documenting the attempt, and documenting the non response of the creditor you have irrefutable evidence to present to the bureau. According to the federal law they have no choice but to remove the incomplete or inaccurate information

Q. What can I do if the CRA or information provider won't correct the information I dispute?

A. A reinvestigation may not resolve your dispute with the CRA. If that's the case, ask the CRA to include your statement of the dispute in your file and in future reports. If you request, the CRA also will provide your statement to anyone who received a copy of the old report in the recent past. There usually is a fee for this service.

If you tell the information provider that you dispute an item, a notice of your dispute must be included anytime the information provider reports the item to a CRA.

Q. Can my employer get my report?

A. Only if you say it's okay. A CRA may not supply information about you to your employer, or to a prospective employer, without your consent.

Q. Can creditors, employers, or insurers get a report that contains medical information about me?

A. Not without your approval.

Q. What should I know about "investigative consumer reports"?

A. "Investigative consumer reports" are detailed reports that involve interviews with your neighbors or acquaintances about your lifestyle, character, and reputation. They may be used in connection with insurance and employment applications. You'll be notified in writing when a company orders such a report. The notice will explain your right to request certain information about the report from the company you applied to. If your application is rejected, you may get additional information from the CRA. However, the CRA does not have to reveal the sources of the information.

Q. How long can a CRA report negative information?

A. Seven years from the day the debt went bad. But there are certain exceptions:

· Information about criminal convictions may be reported without any time limitation.
· Bankruptcy information may be reported for 10 years.
· Information reported in response to an application for a job with a salary of more than $75,000 has no time limit.
· Information reported because of an application for more than $150,000 worth of or life insurance has no time limit.
· Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.

Q. Can anyone get a copy of my report?

A. No. Only people with a legitimate business need, as recognized by the FCRA. For example, a company is allowed to get your report if you apply for credit, insurance, employment, or to rent an apartment.

The truth is that just about anyone can get your report for just about any reason. How it works. I want information on you. I go to one of thousands of small businesses that have access to the CRA’s and say I do have a legitimate reason for wanting the information. I say you are applying for a job or you want to buy my car on time payments and I want to be sure your legit. That’s all it takes, I’ve got everything I need to know about you. Can kid yourself, this happens thousands of times every day across the nation. You can even do it on the Internet. There are thousand of companies that will get you information on anyone you want if you're willing to pay a few bucks.

Q. How can I stop a CRA from including me on lists for unsolicited and insurance offers?

A. Creditors and insurers may use CRA file information as a basis for sending you unsolicited offers. These offers must include a toll-free number for you to call if you want to remove your name and address from lists for two years; completing a form that the CRA provides for this purpose will keep your name off the lists permanently.

And the rest of the story he is: Call those numbers and see how successful you're getting removed. Those toll-free numbers are the reason I use high blood pressure medicine now. And by the way, I never did get removed.

Q. Do I have the right to sue for damages?

A. You may sue a CRA, a user or -- in some cases -- a provider of CRA data, in state or federal court for most violations of the FCRA. If you win, the defendant will have to pay damages and reimburse you for attorney fees to the extent ordered by the court.

Q. Are there other laws I should know about?

A. Yes. If your application was denied, the Equal Opportunity Act requires creditors to specify why -- if you ask. For example, the creditor must tell you whether you were denied because you have "no file" with a CRA or because the CRA says you have "delinquent obligations." The ECOA also requires creditors to consider additional information you might supply about your history. You may want to find out why the creditor denied your application before you contact the CRA.

Tom Sheltraw is the content manager of several websites covering all aspects of making and saving money. He owns and operates 10-8.org helping you to “Make Extra Cash” because, Being Broke .... SUCKS. For a FREE money making report go to: http://1500ways.10-8.org/tips.htm Click now for your FREE Report! Publishing guidelines: Please feel free to publish this article as long as it’s contents and resource box remain unchanged.