In our home, we have two waves of kids heading out to school each morning. We have 3 out the door early with a 30 minute gap before the other 2 head off to middle & pre-school. This morning I used the 30 minute interval to sip a cup of coffee and read through my credit reports from the 3 credit bureaus. I know, exciting stuff.
And fortunately, it was pretty mundane reading. I checked the 3 credit scores and did not see anything in the reports that did not belong.
But it did hit me that it might be a good idea to deviate from our normal blogging topics that are geared toward keeping you and your organization safe and discuss employment background checks and the FACT Act. I know, you are reaching for cup of coffee to get you through this article. However, this little known law provides a lot of consumer protection.
First, the FACT Act is an amendment to the Fair Credit Reporting Act that allows consumers (you) to obtain a FREE copy of your credit report annually from each of the three credit bureaus (TransUnion, Experian, Equifax). There are additional identity theft protections but the law is geared toward protecting consumers.
Why is this law so important? A study in 2004 by the U.S. Public Interest Group found that as many as 80% of credit reports have inaccuracies.
So if that is an accurate sampling then we can deduce that is more likely than unlikely that our credit report has errors. I learned this first hand. Three years ago I found a collection on my credit report that did not belong to me.
A healthcare organization had a delinquent account under the same name as mine and when they did a search of their network, they found my name and SSN and attached it to my credit history. Boom! That easy my credit score took a hit.
That is why I obtain and review my credit report from each of the 3 credit bureaus every year. And here is how you can do it:
or call: 877-322-8228
Have you reviewed your credit report recently? If not, what are you waiting for?