Florida Consumer E-Newsletter
June 2005
Download PDF version [790K PDF]
A Message From the Commissioner...
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Dear Friends: Consistently examining your credit history is one of the most important things you can do as a consumer to protect yourself from identity theft. It enables you to identify if someone else isusing your identity to obtain credit cards or loans without your knowledge. Identity theft is not the only concern. It is important to regulary review all your credit reports for any mistakes. |
Businesses inspect your credit report/history when they evaluate your applications for credit, insurance, employment and even leases. They can use it when they choose to give or deny you credit or insurance, provided you receive fair and equal treatment. It is very important to ensure the information is accurate and up to date, especially before making a major purchase.
Remember, we're here for you. Our Consumer Hotline: calling within Florida 1-800-HELP-FLA (435-7352), outside of Florida 850-488-2221, ¡Español! 1-800-FL-AYUDA (352-9832), will answer any consumer related questions you may have and assist you in filing a complaint against a company doing business in the State of Florida.
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Credit Reports – Be the First to Know
To obtain a free copy of your credit report, visit
www.AnnualCreditReport.com. You can also order your
report by calling toll-free 1-877-322-8228.
A recent amendment to the federal Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies (Equifax, Experian and TransUnion) to provide you with a free copy of your credit report, at your request, once every 12 months. The law has been phased in across the United States and on June 1, 2005, Florida residents became eligible to receive their free credit report .
If you are a resident of Florida , you are eligible for one free report, each year, from each of the three major credit reporting agencies. Not all creditors report to all three agencies and the agencies don't share their data so your reports from Equifax, Experian and TransUnion, could be considerably different from each other. Therefore, it's a good idea to order one report from one of the three bureaus every four months so you can monitor all your reports throughout the year.
What is a Credit Report
A credit report contains information about your credit history, including a listing of all credit cards, whether bills have been paid on time, and whether you have been sued or filed for bankruptcy. National consumer reporting agencies sell the information to credit card companies and other creditors, insurers, employers and businesses that use it to determine whether to approve an application for credit, insurance, loans, and employment. A poor credit history can result in rejection of credit or higher interest rates on a loan.
Create and Maintain a Positive Credit History
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Print clearly when applying for credit.
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Consistently use your complete legal name. Providing complete, accurate and consistent identification on your credit applications helps set up your credit history correctly from the beginning. It also minimizes the chance that your credit file will be incomplete or mixed with another consumer's file.
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Review your credit report 60 to 90 days before making a major purchase (such as a home or car).
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Pay your bills on time. Delinquent payments and collections can have a major negative impact on a score.
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Keep balances low on credit cards and other "revolving credit." High outstanding debt can affect a score.
- Apply for and open new credit accounts only as needed.
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Just because you pay off a credit card is no reason to close your account. One little known fact about the Credit to Debt Ratio is the reverse effect it has on your credit score. If you pay off a credit card, and close the account, you are actually negatively impacting your credit score.
The Florida Department of Agriculture and Consumer Services works for the consumer to prevent fraudulent, deceptive and unfair business practices and to provide information to help consumers avoid them. To file a complaint or to get free information on consumer issues give us a call at 1-800-HELP-FLA (435-7352), or 850-488-2221. You can also visit us online.
Additional Resources
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The links below are for your information only. The goal of the Division of Consumer Services is to provide additional information to consumers. The Florida Department of Agriculture and Consumer Services does not review or confirm these sites for accuracy.
Florida's Free Credit Report
More information brought to you by the FLorida Department of Agriculture and Consumer Services.
Identity Theft, How to Avoid
Did you know that your personal information can be stolen? It's hard to believe, but if you aren't careful with your personal information you may be an easy target for identity theft. Review this brochure to see how you can avoid becoming a victim of identity theft! (¡Español!)
Federal Trade Commission (FTC)
The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies – Equifax, Experian, and TransUnion – to provide you with a free copy of your credit report, at your request, once every 12 months.
The 3 Major Credit BureausEquifax Experian TransUnion |
