Credit Reports Accounting. Credit Regulations Credit is protected by many laws Businesses want to make sure the person wanting credit is able pay back.

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Presentation transcript:

Credit Reports Accounting

Credit Regulations Credit is protected by many laws Businesses want to make sure the person wanting credit is able pay back the loan Consumers want to know their identity and credit is safe with the business To do both we have credit reports

Credit Reports Equifax Experian Trans Union

Credit Reports You can look at these if you are interested in getting credit As can those who are lending to you… Potential lenders will then examine the report and use it as a tool to decide whether or not to grant credit

Credit Application businesses also ask customers to complete a credit application provide the lender with information needed to make decisions about granting credit credit references applicant's signature line

Be ready to present Pay stubs may in order to verify salaries Banking Information to verify accounts Other creditors Timely payments Personal reference how well you conduct your private affairs

Customer Protection The Truth-in-Lending Law of 1968 requires that you be told the cost of the credit purchase in writing requires that all finance charges and interest rates be stated up front before the contract is signed protects you against lost and stolen credit cards limits your liability to $50.00 for unauthorized purchases made prior to notification of issuer

Equal Credit Opportunity Act Act prohibits being denied credit based on race, sex, age, or marital status.

Fair Credit Billing Act If you notice a mistake on a bill, the individual must notify the creditor in writing within 60 days

Fair Credit Billing Act While waiting for a reply, the consumer is not required to pay the amount in question. The complaint must be acknowledged within 30 days. The consumer does not incur finance charges on the amount in question. If no error is found, the creditor must issue a new bill and at that time can include any finance charges accumulated and any missed minimum payments.

Fair Credit Reporting Act gives consumers the right to know what specific information credit bureaus are providing to potential creditors, employers, and insurers If denied you get the credit bureau who filed the bad report

Free Credit Report Benefits Annualcreditreport.com

How do I Establish Good Credit? Pay all bills on time. Utilities Cell Phone Student loan Get 1 credit card and pay it off every month. Monitor the amount of credit you are applying for!