Are There Other Laws I Should Know About? - CREDIT REPORT

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TODAY'S SAVING TIP  When you agree to accept credit from a bank, most retail stores, etc., or fill out an employment application - if a credit report is used as a background check - you give the creditor the right to provide information to any credit reporting company. ... Read more
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CREDIT REPORT: Are there other laws I should know about?


Yes. If your credit application was denied, the Equal Credit 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 credit 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 credit history. You may want to find out why the creditor denied your application before you contact the CRA.

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