Our Valley Santa Clarita July/August 2016 | Page 20

You Have No Excuses To Say
That You Did Not Know!

By Mariness Chata,
Real Estate Broker

P

eople
are
often
shocked or surprised
by items that show
up in their credit
report when they are
attempting to get a loan. I ask
my clients if they recall the last
time they saw their credit report
and many of them have not
seen it in over 5 years! The ugly
truth is there is a lot of fraud
going on in the form of identity
theft resulting from phishing
scams, computer malware,
poor password security or even
the use of a credit card at a
restaurant which can impact our

20

credit rating. Many think that
refusing to pay an erroneous
overcharge or an invalid charge
will make the problem go away.
In the same manner that we go
to our dentist for a regular checkup to monitor our oral health,
we should review our credit
reports to monitor the health
of our credit rating. There are
three credit reporting agencies
that monitor and report on
consumer credit: Trans Union,
Equifax, and Experian. All three
of these reports should be
reviewed since some items may
not appear in all of the reports.
The Fair Credit Reporting Act
(FCRA) requires each of the
nationwide credit reporting
companies — Equifax, Experian,
and Trans Union — to provide
you with a free copy of your
credit report, at your request,
once every 12 months. FCRA
promotes the accuracy and
privacy of information in the files
of the nation’s credit reporting
companies. The Federal Trade
Commission (FTC), the nation’s
consumer protection agency,
enforces FCRA with respect to
credit reporting companies.

You can run your secure and
free report at https://www.
annualcreditreport.com/
index.action.
To get more
information and details about
how credit agencies monitor
your credit, distribute the
information and where it is
used; check out the Federal
Trade Commission Consumer
Information at https://www.
annualcreditreport.com/index.
action.
Let’s be proactive and monitor
and resolve problems before
denial of a home loan, car loan
or any other credit application.
Thinking about buying or
selling a home? Work with
a professional that has the
knowledge, expertise and
experience to protect your
interests.
Free Home Search at:
http://www.marinesschata.
com/
How Much Is Your Home Worth?
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