Friday, November 17, 2017
 

Dispute All 3 Bureaus

Myth #24: If I get one bureau to remove an item from my credit report, all the other bureaus will automatically remove it too.

Fact: The bureaus are independent companies. They do not work with each other for deletion of items.
Have You Been a Victim of Credit Discrimination

The Equal Credit Opportunity Act (ECOA) prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age or for individuals on public assistance. However, creditors can ask for this information but are not able to use it in making a credit decision.

Creditors make decisions using credit reports, credit scores, income data, and asset data along with debt data. The data used is likely based on the type of loan or credit offer. The Equal Credit Opportunity Act is encored by the Federal Trade Commission (FTC). This Act applies to any company or person that extends credit, such as banks, finance companies, retailers, credit card companies, credit unions, and real estate brokers. free credit reports from all 3 bureaus

What Creditors CANNOT DO When You Apply for Credit

Reject your application because of your race, color, religion, national origin, sex, marital status, or because you receive public assistance.
Consider your race, sex or national origin, but you may be asked to disclose this information.
Give you different terms or conditions such as higher interest rates, because of your race, religion, national origin, sex, marital status, age, or because you receive public assistance.
Ask if you are widowed or divorced; they can only use the terms – married, unmarried or separated.
Ask your marital status if applying for an individual, unsecured account such as a credit card. There is one exception for “community property” states.
Ask for information about your spouse except when applying jointly, spouse will be using account, you rely on income from spouse through child support and/or alimony or live in a common law state.
Ask about your plans to have or raise children. However, they can ask about expenses related to dependents.

What Creditors CANNOT DO when Deciding to Grant Credit or Set the Terms

Consider your race, color, religion, national origin, sex, marital status or whether you receive public assistance.
Consider your age unless you are under 18 or over 62 years old.

Call Credit Strategies Today at

480-502-5554

Legal Disclaimer:

The advice provided is for informational purposes only. It is not

to be used as legal counsel or legal advice.
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