Is Your Credit Report Correct?

It’s estimated that over 90% of the reports maintained by the 4 major bureaus, Tran Union, Equifax, Experian and Innovis contain inaccurate information.

A study released by the U.S. Public Interest Research Group in June 2004 found that 79% of the consumer credit reports surveyed contained some kind of error or mistake. However, in 2007, the Consumer Data Industry Association, which represents the credit bureaus, testified that less than two percent of 52 million credit reports had data deleted because it was in error. (wikipedia) Somehow, it is not surprising that their report would dispute the Public Interest Research Group.

The federal Fair Credit Reporting Act (FCRA) helps consumers protect and restore their credit. The F.C.R.A. states that any information contained in your report must be 100% accurate and verifiable or it must be *deleted*. According to the F.C.R.A., if the bureaus cannot verify an item within 30 days, they must delete it from your file. It's worth every consumer's time to contact their local credit report agency and obtain a free copy of their credit report.

Here is a directory of state credit reporting agencies.

Here is a link to a sample credit card dispute letter.

Thanks to (blog.budgetpulse.com)

Credit Card Security Breach

Thousands of VISA and Mastercard customers could be in danger of identity fraud after a data breach of Heartlands Payment Systems in Houston, Texas.

Credit card numbers, expiration dates and personal ID numbers, such as social security numbers, could now be in the hands of criminals, investigators warn.

Heartland Systems discovered last week that their systems had been breached sometime in 2008. Their system was used to process 100,000 million transactions per week for 175,000 merchants.

Heartland is not releasing any information except that thousands of restaurants, hotels and retail stores are affected.

This is a really good reason to order your free credit report and check if your information has been compromised. To order, visit annualcreditreport.com, call 1-877-322-8228.