Archive for April, 2009
Top Credit Cards: How to Find Best Consumer Credit Cards
Panah Rad asked:
Finding a credit card is more than simply applying for the first offer that you receive in mail or via Email. A credit card application is a contract between you and the credit card issuer and should not be taken lightly.
Finding the best consumer credit card is not easy. There are hundreds of consumer card offers are available on the market, which makes it easy to fall for the wrong credit card offer. You should do your due diligence and read the terms and conditions before settling down on a card.
The best consumer credit card for you is the one that addresses your specific needs. You need set your expectations for your card before choosing a card. If you plan to get a rebate on your monthly purchases, you should go for a cash back card that comes with a decent rate and a lower cash back limit.
A lot of folks use their credit cards to earn miles rewards with their purchases. If you plan to travel around the world and save on your trips, you should go for a travel card offer that comes with no blackout date, no restriction on air-line that you can use, and low or no earning cap.
Best consume card offers come with more than just low fees, high cash back rates, and lucrative travel deals. You should always consider the reputation of your issuer before filling out your application. Google is your friend here. You should search for “brand name” + “fraud/scam/complaints” to find out how your card issuer deals with disgruntled customers. Keep in mind that the nature of credit card business guarantees that some folks will have complaints regardless of how well they are treated. But if you find out that your credit issuer increases fees or rates on their customers without any specific reason, then you should be alarmed.
The times may be tough, and many credit card companies have decided to take advantage of their customers by increasing their APR without any real reason. A few companies have even used deceptive practices to charge their customers late fees. Owning a credit card is a big responsibility. Make sure you do your due diligence before signing up for a credit card offer. Opening up a credit line does affect your credit, and you don’t want to keep opening new credit accounts to find a credit card that is right for you. And don’t forget to pay your bills on time all the time to avoid getting yourself in trouble.
At the end of the day, the best credit card for you is the one that addresses your needs. If you are planning to save on your grocery bill, you should get a card that offers cash back or rewards on groceries or general purchases. Make sure that you read the terms and conditions after you have done your card comparison to make sure you are not getting into a relationship it’s not worth getting into. Y
Juan
Finding a credit card is more than simply applying for the first offer that you receive in mail or via Email. A credit card application is a contract between you and the credit card issuer and should not be taken lightly.
Finding the best consumer credit card is not easy. There are hundreds of consumer card offers are available on the market, which makes it easy to fall for the wrong credit card offer. You should do your due diligence and read the terms and conditions before settling down on a card.
The best consumer credit card for you is the one that addresses your specific needs. You need set your expectations for your card before choosing a card. If you plan to get a rebate on your monthly purchases, you should go for a cash back card that comes with a decent rate and a lower cash back limit.
A lot of folks use their credit cards to earn miles rewards with their purchases. If you plan to travel around the world and save on your trips, you should go for a travel card offer that comes with no blackout date, no restriction on air-line that you can use, and low or no earning cap.
Best consume card offers come with more than just low fees, high cash back rates, and lucrative travel deals. You should always consider the reputation of your issuer before filling out your application. Google is your friend here. You should search for “brand name” + “fraud/scam/complaints” to find out how your card issuer deals with disgruntled customers. Keep in mind that the nature of credit card business guarantees that some folks will have complaints regardless of how well they are treated. But if you find out that your credit issuer increases fees or rates on their customers without any specific reason, then you should be alarmed.
The times may be tough, and many credit card companies have decided to take advantage of their customers by increasing their APR without any real reason. A few companies have even used deceptive practices to charge their customers late fees. Owning a credit card is a big responsibility. Make sure you do your due diligence before signing up for a credit card offer. Opening up a credit line does affect your credit, and you don’t want to keep opening new credit accounts to find a credit card that is right for you. And don’t forget to pay your bills on time all the time to avoid getting yourself in trouble.
At the end of the day, the best credit card for you is the one that addresses your needs. If you are planning to save on your grocery bill, you should get a card that offers cash back or rewards on groceries or general purchases. Make sure that you read the terms and conditions after you have done your card comparison to make sure you are not getting into a relationship it’s not worth getting into. Y
Juan
Consumer Credit – All About It!
Abhishek Agarwal asked:
Consumer credit is really nothing new. It existed in an informal fashion in the earlier days, where your neighborhood grocer would give you your requirements and you paid up at a particular time. That was based on his instinct of what you were and how you behaved.
In its modern form, it began sometimes between the 1946 and 50s when two people went to dinner and found they had no cash to pay at the restaurant. Thus began the Diners Club, exclusively for use in resturants. Just like plants, hybrids have grown to where it is now.
Obviously, given the lucrative nature of the market,loan sharks, so called, for their high rates of interest, and arm twisting tactics to get their money back,had a field day, till Government/s were forced to step in.
You don’t carry cash; you pay by credit card. The merchant gets his sum instaneously, and you pay the credit issuer after 30 days or so. The cost of the transaction is covered by its usage by multi milion people across the world, and through the annual charge for possessing it. If you are late in payment after the stipulated date, you pay an additional surcharge. Based on the volume of business that is now driven by credit cards, multibillion dollar industry has been created.
You have options too. You can ask for a staggered payment plan for expensive items that you wish to purchase, but don’t have the immediate wherewithal, and the issuer steps and guarantees it to the dealer, and the issuers charges a fee through which the cost of money is recovered.
The other part is handled by banks themselves, in cases of high values, like house mortgages, cars, expensive equipment for small and medium businesses, etc.
Used wisely, it is a great boon for everybody;unwisely leads to trouble. Further, because of its flexibility, it drives the national economy, creating demand for industry for its high value goods and services. But yet there is danger, which we have just seen in the crash of the sub prime mortgage markets. The financial institutions and the debt market have become so inter-twined that the crisis is rocking the foundations of the American banking system.
Not surprisingly, even bad credit has thrown up a whole array of specialists, experts, mediators, intermediaries, who help re-finance and restructure debt.
There is a slew of legislation, both Federal and State, to protect the consumer, and at the same time maintaining the balance between the fiduciary relationship between the cardholder and the finance provider.
The Uniform Consumer Credit Code
Marcia
Consumer credit is really nothing new. It existed in an informal fashion in the earlier days, where your neighborhood grocer would give you your requirements and you paid up at a particular time. That was based on his instinct of what you were and how you behaved.
In its modern form, it began sometimes between the 1946 and 50s when two people went to dinner and found they had no cash to pay at the restaurant. Thus began the Diners Club, exclusively for use in resturants. Just like plants, hybrids have grown to where it is now.
Obviously, given the lucrative nature of the market,loan sharks, so called, for their high rates of interest, and arm twisting tactics to get their money back,had a field day, till Government/s were forced to step in.
You don’t carry cash; you pay by credit card. The merchant gets his sum instaneously, and you pay the credit issuer after 30 days or so. The cost of the transaction is covered by its usage by multi milion people across the world, and through the annual charge for possessing it. If you are late in payment after the stipulated date, you pay an additional surcharge. Based on the volume of business that is now driven by credit cards, multibillion dollar industry has been created.
You have options too. You can ask for a staggered payment plan for expensive items that you wish to purchase, but don’t have the immediate wherewithal, and the issuer steps and guarantees it to the dealer, and the issuers charges a fee through which the cost of money is recovered.
The other part is handled by banks themselves, in cases of high values, like house mortgages, cars, expensive equipment for small and medium businesses, etc.
Used wisely, it is a great boon for everybody;unwisely leads to trouble. Further, because of its flexibility, it drives the national economy, creating demand for industry for its high value goods and services. But yet there is danger, which we have just seen in the crash of the sub prime mortgage markets. The financial institutions and the debt market have become so inter-twined that the crisis is rocking the foundations of the American banking system.
Not surprisingly, even bad credit has thrown up a whole array of specialists, experts, mediators, intermediaries, who help re-finance and restructure debt.
There is a slew of legislation, both Federal and State, to protect the consumer, and at the same time maintaining the balance between the fiduciary relationship between the cardholder and the finance provider.
The Uniform Consumer Credit Code
Marcia
Question about credit reports? Please no advertisements?
steve a asked:
We are thinking about buying a new car, before getting serious we pulled our credit report. 1st my score went up by 80 pts from six months ago… HOWEVER- our current mortage is not even on there with all three reports. We refinanced in March of this year with april being our first payment. We had 2 loans on the house and both showed 0 balance and states closed by the consumer due to refiance. If anyone could answer this it would be greatly appriciated
Allen
We are thinking about buying a new car, before getting serious we pulled our credit report. 1st my score went up by 80 pts from six months ago… HOWEVER- our current mortage is not even on there with all three reports. We refinanced in March of this year with april being our first payment. We had 2 loans on the house and both showed 0 balance and states closed by the consumer due to refiance. If anyone could answer this it would be greatly appriciated
Allen
Consumer Credit Debt Consolidation – The Best Options
Posted by admin in Debt Consolidation on April 13, 2009
Daniel Major asked:
The practice of taking out a single loan in order to pay off all previously existing loans is referred to as consumer credit debt consolidation. The reasons that people choose this debt elimination option are to secure a lower interest rate, and also for the simple convenience of having to pay only one loan at the end of each payment period.
Collateral is traditionally required in these types of loans due to the borrower’s tarnished credit history. Depending on the total amount of the consolidated loan, the collateral may be the owner’s home, automobile, or any other piece of property of considerable monetary value.
If you are a home owner with a sum equity invested in your home, then you have the opportunity to apply for a home equity loan. This type of loan is reserved for people who own a home and are struggling with other debts. In this case, your home is counted as the collateral. This may seem like somewhat of an intimidating option, but there is one significant advantage that attracts many people. Since the collateral is of such high personal and monetary worth to the borrower, the interest rate on the loan would be significantly lower than any other loan.
Even if your debts are not causing a tremendous burden on your bank account, reorganizing your debts may still make good business sense. These are just a few of the ways you can go about it:
Home equity loan
These loans have an attractive advantage in that they carry a low interest rate, and whatever interest you do pay is tax deductable. Any time taxes are taken out of the equation is a great time. It goes without saying that that would be one less expense you would have to deal with each month.
Refinance for extra cash
Another great advantage of taking out a home equity loan, or a consumer credit debt consolidation loan, is that you can refinance your property for a greater amount than what you actually owe. When you do this, you can use the extra money from your new loan to pay off your other debts. Yet again, the interest rate you would get on this sort of a loan would be relatively low.
Refinance your vehicle
Your personal vehicle is considered as an eligible asset and can be used as collateral in your refinancing. One issue you may have to face, however, is that due to the nature of an automobile, your car may break down before you even have the chance to fully repay your debts.
Obtain a personal loan
If you have untarnished credit then you are qualified for an unsecured loan, otherwise known as a personal loan. Word of advice: credit unions will typically offer lower interest rates than banks, so you may consider getting in touch with them instead.
Self negotiating
Direct dealing is more effective in some cases than dealing through others. This way you can communicate directly with your creditors, or whatever other parties are involved, and you won’t have to worry about paying for the services of a middle man. As an added bonus, sometimes customer service representatives are capable of reducing interest rates for clients with a simple phone call. Maybe you ought to try putting in a call to your creditors, today?
Another alternative
You may also want to consider the options you can find on the Internet for consumer credit debt consolidation. There are a lot of scams circulating around the web, but if you do your research, you are sure to come across a legitimate company that you can work with. There are many truthful success stories around the Internet that can attest to the power of some online debt consolidation companies.
Joanne
The practice of taking out a single loan in order to pay off all previously existing loans is referred to as consumer credit debt consolidation. The reasons that people choose this debt elimination option are to secure a lower interest rate, and also for the simple convenience of having to pay only one loan at the end of each payment period.
Collateral is traditionally required in these types of loans due to the borrower’s tarnished credit history. Depending on the total amount of the consolidated loan, the collateral may be the owner’s home, automobile, or any other piece of property of considerable monetary value.
If you are a home owner with a sum equity invested in your home, then you have the opportunity to apply for a home equity loan. This type of loan is reserved for people who own a home and are struggling with other debts. In this case, your home is counted as the collateral. This may seem like somewhat of an intimidating option, but there is one significant advantage that attracts many people. Since the collateral is of such high personal and monetary worth to the borrower, the interest rate on the loan would be significantly lower than any other loan.
Even if your debts are not causing a tremendous burden on your bank account, reorganizing your debts may still make good business sense. These are just a few of the ways you can go about it:
Home equity loan
These loans have an attractive advantage in that they carry a low interest rate, and whatever interest you do pay is tax deductable. Any time taxes are taken out of the equation is a great time. It goes without saying that that would be one less expense you would have to deal with each month.
Refinance for extra cash
Another great advantage of taking out a home equity loan, or a consumer credit debt consolidation loan, is that you can refinance your property for a greater amount than what you actually owe. When you do this, you can use the extra money from your new loan to pay off your other debts. Yet again, the interest rate you would get on this sort of a loan would be relatively low.
Refinance your vehicle
Your personal vehicle is considered as an eligible asset and can be used as collateral in your refinancing. One issue you may have to face, however, is that due to the nature of an automobile, your car may break down before you even have the chance to fully repay your debts.
Obtain a personal loan
If you have untarnished credit then you are qualified for an unsecured loan, otherwise known as a personal loan. Word of advice: credit unions will typically offer lower interest rates than banks, so you may consider getting in touch with them instead.
Self negotiating
Direct dealing is more effective in some cases than dealing through others. This way you can communicate directly with your creditors, or whatever other parties are involved, and you won’t have to worry about paying for the services of a middle man. As an added bonus, sometimes customer service representatives are capable of reducing interest rates for clients with a simple phone call. Maybe you ought to try putting in a call to your creditors, today?
Another alternative
You may also want to consider the options you can find on the Internet for consumer credit debt consolidation. There are a lot of scams circulating around the web, but if you do your research, you are sure to come across a legitimate company that you can work with. There are many truthful success stories around the Internet that can attest to the power of some online debt consolidation companies.
Joanne
Why does B Hussein Obama want to increase capital gains to hurt private equity fat cats?
Joe M asked:
Private equity fat cats are definitely not overpaid anymore due to the looming impact of the current credit crunch coupled with decreases in consumer spending; hence, they certainly shouldn’t be paying more than long-term capital gains on investments. Period.
Norma
Private equity fat cats are definitely not overpaid anymore due to the looming impact of the current credit crunch coupled with decreases in consumer spending; hence, they certainly shouldn’t be paying more than long-term capital gains on investments. Period.
Norma
Why You Must be Concerned With Consumer Credit Card Debt
Posted by admin in Debt Consolidation on April 12, 2009
James Cossins asked:
everyone has credit card debt today, and that includes both consumers and corporations alike. While corporate lines of credit and debt are somewhat different than consumer debt and may be much more significant, there is a reason why you should be concerned with consumer credit card debt. The interest paid on consumer credit cards alone numbers into the billions of dollars annually, and chances are you’re contributing to that sum far more than you would like to be! It’s very easy for people to allow their consumer credit card debt to spiral out of control until it reaches a point where they feel somewhat overwhelmed, but this doesn’t have to happen to you. While most people have credit cards and most think they pay too much for those cards and have too high of an outstanding balance, most manage to fit their credit card spending into their family budget. Those who allow their consumer credit card debt to get the best of them need to understand how to manage their cards and how to control their debt so that it doesn’t interfere with their overall financial health.
Many people are taken by surprise when they see their interest rates on their consumer credit card debt suddenly jump from a manageable number to something staggering, and along with that interest rate increase comes an increase in their monthly minimum payments. Typically the reason for this jump is that a person has made a late payment or they didn’t realize that their interest rate was just an introductory rate, due to increase after a few months. This increase in an interest rate is one big reason why there is so much consumer credit card debt that remains unpaid. Many people pay just the minimum amount due every month and this usually just addresses the interest on their balance; they make very little progress in paying down the principle. These sudden jumps in interest rates are one big reason why there is so much consumer credit card debt that goes unpaid and why banks make billions on interest payments alone. So be very careful with your own cards and read the fine print carefully so that you fully understand when and how your interest rate may change.
Another problem that plagues people concerned with consumer credit card debt is that they have a hard time putting those cards away and avoiding the mall or the internet for new things. This isn’t just a problem that women have, although people often stereotype them as the spenders in the household. Men too can spend on sporting good equipment, electronic gadgets, new clothes, and many other things they probably don’t need. They too are a big contributor to the problem many people have with consumer credit card debt. Putting those cards away, cutting them up, or better yet, closing the account altogether is a good way to avoid excess consumer credit card debt in your own case.
Yvonne
everyone has credit card debt today, and that includes both consumers and corporations alike. While corporate lines of credit and debt are somewhat different than consumer debt and may be much more significant, there is a reason why you should be concerned with consumer credit card debt. The interest paid on consumer credit cards alone numbers into the billions of dollars annually, and chances are you’re contributing to that sum far more than you would like to be! It’s very easy for people to allow their consumer credit card debt to spiral out of control until it reaches a point where they feel somewhat overwhelmed, but this doesn’t have to happen to you. While most people have credit cards and most think they pay too much for those cards and have too high of an outstanding balance, most manage to fit their credit card spending into their family budget. Those who allow their consumer credit card debt to get the best of them need to understand how to manage their cards and how to control their debt so that it doesn’t interfere with their overall financial health.
Many people are taken by surprise when they see their interest rates on their consumer credit card debt suddenly jump from a manageable number to something staggering, and along with that interest rate increase comes an increase in their monthly minimum payments. Typically the reason for this jump is that a person has made a late payment or they didn’t realize that their interest rate was just an introductory rate, due to increase after a few months. This increase in an interest rate is one big reason why there is so much consumer credit card debt that remains unpaid. Many people pay just the minimum amount due every month and this usually just addresses the interest on their balance; they make very little progress in paying down the principle. These sudden jumps in interest rates are one big reason why there is so much consumer credit card debt that goes unpaid and why banks make billions on interest payments alone. So be very careful with your own cards and read the fine print carefully so that you fully understand when and how your interest rate may change.
Another problem that plagues people concerned with consumer credit card debt is that they have a hard time putting those cards away and avoiding the mall or the internet for new things. This isn’t just a problem that women have, although people often stereotype them as the spenders in the household. Men too can spend on sporting good equipment, electronic gadgets, new clothes, and many other things they probably don’t need. They too are a big contributor to the problem many people have with consumer credit card debt. Putting those cards away, cutting them up, or better yet, closing the account altogether is a good way to avoid excess consumer credit card debt in your own case.
Yvonne
Under the Fair Credit Reporting Act (FCRA) do the credit bureaus have an obligation to maintain consistency?
Posted by admin in Law & Ethics on April 10, 2009
thatblissguy asked:
My question stems from the fact that I have successfully disputed and had removed an account from two of the three bureaus. TransUnion and Equifax have removed an account many months ago, and I am wondering if Experian has an obligation to follow suit with the supporting documents being the deletions from the other two bureaus. I remember reading something to this effect while doing some research a year or so ago.
My question stems from the fact that I have successfully disputed and had removed an account from two of the three bureaus. TransUnion and Equifax have removed an account many months ago, and I am wondering if Experian has an obligation to follow suit with the supporting documents being the deletions from the other two bureaus. I remember reading something to this effect while doing some research a year or so ago.
Please respond only if you have a high level of understanding of credit and please provide supporting evidence/references (An excerpt from FCRA would be great!). Please do not respond with a quip just to get some answer points, thank you!
BTW did you guys hear Obama today?!? Credit heaven for consumers is coming soon! No fee hikes whenever they want, no hidden fees! An oversight executive type agency to monitor the bureaus and lenders, not just the dumb old silent FTP. Plain language, lots more! Google it! Just happened today!
Thanks again!
Yes, I am disputing with Experian, but they have blocked me before. They will look at something they have already verified IF there are additional supporting documents. I am using the fact that the other two buereaus have both deleted this account as additional supporting documentation. Note: This account WAS reported on all three bureaus, its VERY old, and they are no longer attempting to collect this debt. It was deleted b/c of that fact from TU and EQ, and I am filing a dispute with EX to have it re-investigated. My basis in my letter was that it was removed from the other bureaus, and under the FCRA they have an obligation to maintain consistency with the other bureaus (kind of a 2 vs. 1 thing). So 2/3 bureaus are now accurate. I was hoping to have supporting legislative documentation from the FCRA to invoke this pursuant to … and thats really my question. Thanks!
Viola
Online Application | Texas Rangers® Extra Bases® Credit Card
College Credit Builder asked:
The Texas Rangers® team logo can now be featured on the Major League Baseball™ Extra Bases™ Credit Card issued by Bank of America. (www.rangerscreditcard.com). This rewards credit card is scoring big with avid baseball fans and credit card consumers across the country. Like many department stores, colleges and airlines have done for decades, Major League Baseball™ teams are now being displayed on consumer credit cards. These sports oriented rewards credit cards — a great way for fans to express their undying team loyalty – are proving to be a home run in the credit card industry.
Features offered by the Major League Baseball™ Extra Bases™ Credit Card from Bank of America include:
• No annual fee.
• 0% introductory Annual Percentage Rate (APR) on balance transfers and cash advance checks for your first 12 billing cycles.
• Earn 1 point for every net retail dollar spent redeemable for MLB™ autographed memorabilia, once-in-a-lifetime MLB™ experiences, cash rewards and travel with no blackout dates.
• Get an official MLB™ licensed jersey after your first qualifying transaction(s) using your MLB™ Extra Bases™ credit card.
During a period of economic instability, uncertainty in the stock market, illiquidity in the credit markets and the softening real estate market, one thing remains constant – sports fans are crazy about Major League Baseball. Historically, baseball has given the public something to believe in and something to hope for, particularly during difficult economic times. With the MLB™ Extra Bases™ credit card, Rangers fans can be reminded of their favorite team every time they take out their wallets. Real fans carry the card with pride. Visit www.rangerscreditcard.com to complete the credit card application online in a few short minutes.
http://www.articlesbase.com/baseball-articles/texas-rangers-credit-card-major-league-baseball-extra-bases-mastercard-626562.html
Douglas
The Texas Rangers® team logo can now be featured on the Major League Baseball™ Extra Bases™ Credit Card issued by Bank of America. (www.rangerscreditcard.com). This rewards credit card is scoring big with avid baseball fans and credit card consumers across the country. Like many department stores, colleges and airlines have done for decades, Major League Baseball™ teams are now being displayed on consumer credit cards. These sports oriented rewards credit cards — a great way for fans to express their undying team loyalty – are proving to be a home run in the credit card industry.
Features offered by the Major League Baseball™ Extra Bases™ Credit Card from Bank of America include:
• No annual fee.
• 0% introductory Annual Percentage Rate (APR) on balance transfers and cash advance checks for your first 12 billing cycles.
• Earn 1 point for every net retail dollar spent redeemable for MLB™ autographed memorabilia, once-in-a-lifetime MLB™ experiences, cash rewards and travel with no blackout dates.
• Get an official MLB™ licensed jersey after your first qualifying transaction(s) using your MLB™ Extra Bases™ credit card.
During a period of economic instability, uncertainty in the stock market, illiquidity in the credit markets and the softening real estate market, one thing remains constant – sports fans are crazy about Major League Baseball. Historically, baseball has given the public something to believe in and something to hope for, particularly during difficult economic times. With the MLB™ Extra Bases™ credit card, Rangers fans can be reminded of their favorite team every time they take out their wallets. Real fans carry the card with pride. Visit www.rangerscreditcard.com to complete the credit card application online in a few short minutes.
http://www.articlesbase.com/baseball-articles/texas-rangers-credit-card-major-league-baseball-extra-bases-mastercard-626562.html
Douglas
What are my rights & how do I pursue for repo of car under an invalid replevin during Dec 2005 in Wisconsin?
Posted by admin in Law & Ethics on April 6, 2009
Curious asked:
Vehicle reposessed under an invalid replevin in December 2005 in Wisconsin. Consumer rights? Fair Credit Collection Practices?
The replevin used was reversed by the creditor 5 months earlierand on file with the clerk of courts. Wisconsin law in 2005 did not allow self help reposession. I had consulted an attorney in the past, but he was not knowledgable on this topic and was not helpful referring me to another attorney.
Holly
Vehicle reposessed under an invalid replevin in December 2005 in Wisconsin. Consumer rights? Fair Credit Collection Practices?
The replevin used was reversed by the creditor 5 months earlierand on file with the clerk of courts. Wisconsin law in 2005 did not allow self help reposession. I had consulted an attorney in the past, but he was not knowledgable on this topic and was not helpful referring me to another attorney.
Holly
Consumer Credit Reports – A Brief Review
Tima.ashar asked:
Being an employer, you may want to use consumer credit reports while hiring new employees and also while assessing them for promotion, reassignment, and retention, but only if you abide by the Fair Credit Reporting Act (FCRA). Sections 604, 606, and 615 of the FCRA clearly mention the employer’s responsibilities towards its employees when he uses consumer reports for employment purposes.
The FCRA was primarily constituted to guard the privacy of the consumer report information and to guarantee that the information that is printed on the report by the bureaus and agencies is precise. An amendment was made to the FCRA on 30th Sep 1997 stating that more and more obligations should be imposed on employers who use consumer reports. The Congress advocated this step, as they felt that inaccurate and incomplete consumer reports can cause someone his job or may be even his promotions.
The amendments made it clear that
individuals must be informed that the employer is checking his credit report and more importantly he should agree to it.
individuals have the right to be informed if the information in the credit report has negative influences on employment decision.
More information about consumer report: -
A consumer credit report consists of personal information along with credit characteristics, character, general reputation, and lifestyle. This report should be prepared by a consumer-reporting agency (CRA) according to the FCRA.
Employers feel safe and satisfied to run a background check on applicant before hiring them for the desired job. Some employers are only interested in your credit payment record, some in driving record and some in criminal records. Depending on your job profile, an employer can even ask for an investigative consumer report. These are types of consumer credit reports if acquired from CRA.
For more information on credit reports and identity theft issues, visit – Free Credit Report
Kevin
Being an employer, you may want to use consumer credit reports while hiring new employees and also while assessing them for promotion, reassignment, and retention, but only if you abide by the Fair Credit Reporting Act (FCRA). Sections 604, 606, and 615 of the FCRA clearly mention the employer’s responsibilities towards its employees when he uses consumer reports for employment purposes.
The FCRA was primarily constituted to guard the privacy of the consumer report information and to guarantee that the information that is printed on the report by the bureaus and agencies is precise. An amendment was made to the FCRA on 30th Sep 1997 stating that more and more obligations should be imposed on employers who use consumer reports. The Congress advocated this step, as they felt that inaccurate and incomplete consumer reports can cause someone his job or may be even his promotions.
The amendments made it clear that
individuals must be informed that the employer is checking his credit report and more importantly he should agree to it.
individuals have the right to be informed if the information in the credit report has negative influences on employment decision.
More information about consumer report: -
A consumer credit report consists of personal information along with credit characteristics, character, general reputation, and lifestyle. This report should be prepared by a consumer-reporting agency (CRA) according to the FCRA.
Employers feel safe and satisfied to run a background check on applicant before hiring them for the desired job. Some employers are only interested in your credit payment record, some in driving record and some in criminal records. Depending on your job profile, an employer can even ask for an investigative consumer report. These are types of consumer credit reports if acquired from CRA.
For more information on credit reports and identity theft issues, visit – Free Credit Report
Kevin