Last week the Consumer Financial Protection Bureau began accepting complaints about credit reports. Credit reports affect whether or not you are able to get a credit card or a loan, the ability to rent an apartment or get hired, and even simple things like getting a cell phone. It also can affect how affordable or expensive these things will be for you.
You are entitled to one free credit report per year from each of the three credit reporting bureaus: Experian, Equifax and TransUnion.
It is extremely important to ensure that the information on your credit report is accurate. The best way to monitor your credit report is to stagger each report throughout the year. If you request a credit report every four months, you will be able to compare each agency’s report and check for errors or fraudulent accounts.
The CFPB can now help consumers with individual-level complaint assistance on issues with their credit report. The types of complaints you can submit to the CFPB include:
- Incorrect information on a credit report
- A consumer reporting agency’s investigation
- Improper use of a credit report
- Being unable to get a copy of a credit score or file
- Problems with credit monitoring or identify protection services.
Before filing a complaint with the CFPB, try filing a dispute directly with the credit reporting company itself. There are important consumer rights guaranteed by federal consumer financial law that are best preserved by you first going through the credit reporting company’s complaint process. Contact the CFPB for additional information on your rights.
After you file a complaint with the credit reporting company, if you are dissatisfied with the resolution, file a complaint with the CFPB.
SMART RENTING SERIES – Problems, Remedies, and Resolutions posted on Aug 31
Many tenants do not give the landlord trouble with being able to pay rent on time, and many landlords follow all their responsibilities. But when there is a problem, how should it be resolved? There are various remedies that can address a host of problems …Continue Reading SMART RENTING SERIES – Problems, Remedies, and Resolutions
Foreign Currency Exchange posted on Aug 20
Traveling to a foreign country presents various challenges for travelers, but perhaps none is more misunderstood than foreign currency exchange. Not only must travelers be mindful of exchange rates when converting funds, but the means through which money is exchanged can also result in costly …Continue Reading Foreign Currency Exchange
Scam Log Analysis: July 2015 posted on Aug 18
The Massachusetts Office of Consumer Affairs and Business Regulation compiles publicly available scam, identity theft, and fraud complaints from around the Commonwealth via police logs, news outlets, and other sources, as well as through the Office’s Consumer Information Hotline. Below is a quantitative analysis of …Continue Reading Scam Log Analysis: July 2015