1. By: Taylor, Grace, Tiffany, and Donelda
Credit File and Report
By: Taylor, Grace, Tiffany, and Donelda

2. What is in your Credit File and Report?
Identifying Information
Trade Lines
Credit Inquiries
Public Record and Collections
Your name, address, Social Security number, date of birth and employment information are used to identify you.
These are your credit accounts. Lenders report on each account you have established with them. They report the type of account (bankcard, auto loan, mortgage, etc), the date you opened the account, your credit limit or loan amount, the account balance and your payment history.
When you apply for a loan, you authorize your lender to ask for a copy of your credit report. This is how inquiries appear on your credit report. The inquiries section contains a list of everyone who accessed your credit report within the last two years.
Credit reporting agencies also collect public record information from state and county courts, and information on overdue debt from collection agencies. Public record information includes bankruptcies, foreclosures, suits, wage attachments, liens and judgments.

3. Information That is NOT Included in Credit Files/Reports
Personal Information
Credit Information
Public Records

4. Who Can Look at Your Credit Report and Why?
Landlords, Insurance Companies, Employers, and Government Agencies can look at your credit report.
Why can they look at it
Looking at someone's credit report tells the businesses about the individual's risk level.

5. Remove Collections From Your Credit Report
Pay for the collection to be deleted
Settle the debt
Debt validation
Pay for the collections to be deleted-Best for small collection amounts of $500 or less, like medical collections or utility bills. If you pay the total debt amount you can get the collection agency to agree on removing the listing from your credit report.
Settle the debt-Deal with collection amounts over $1000, like the pay for delete method, you get the collection agency to agree on removing the listing from your credit report.
Debt Validation- Involves writing a letter to the agency , but if the agency is non responsive it require the threat of filing a lawsuit

6. Checking Your Own Credit Report
Free Credit Report
Watchouts
Untrusted Websites
Linked s/scams
Look for “https”
Fraud Alert
If you've had an application denied, you're unemployed and planning to look for a job, you receive government assistance, or you've been a victim of identity theft, you may be entitled to a free credit report.
If you think your personal information has been compromised, you can add a fraud alert to your credit report to warn creditors to take extra steps to confirm your identity before approving a credit-based application.

7. Fair Credit Reporting Act.
What is in your file?
As for your credit score (there may be a fee)
Verify accuracy of report when required for employment purposes
Consumer has the right to dispute incomplete or inaccurate information
Consumer must be told if information in his/her has been used against them

8. Fair Credit Billing
Fair Credit Billing is a law that protects the consumers from being billed unfairly.
How does it help the consumer?
Fair Credit Billing helps the consumer by protecting them from errors in calculations, lack of properly reflecting charges, credit card bills being sent to the wrong adress etc.

9. Complaints About Consumer Credit
Gather paperwork related to the purchase
Write/Call/
Take legal action
Receipts 2.Contact the local seller
Contracts Contact corporate offices/ consumer affairs departments
Warranties
Order confirmation
3. Resolve your complaint in court

10. Employers Using Credit for You and Against You
Poor Credit
Employer won’t hire due to not good money management
Someone else might get picked for the job over you
47% of the U.S. doesn't get hired due to bad credit
Good credit
Qualify for larger loan amounts with lower interest rates
Many employers conduct credit checks as part part of hiring proces
A higher interest rate means a higher car note to pay each month

11. Fair Debt Collection Practices Act
Fair Debt Collection Practices Act is an act that prohibits debt collectors from using violence and unfair ways to collect from the consumers.
It protects the consumer from the debt collectors being violent.

12. Sources
overlook-poor-credit