We support reforms to the financial marketplace to curb bad practices by banks and lenders.
Credit Reports
Consumers living throughout the U.S. now have the right to order a free copy of their credit report thanks to a federal law, known as the Fair and Accurate Credit Transactions Act (FACTA), adopted by Congress in 2003. Because credit reports are free, consumers have better access to this important document and can take steps to make sure it offers a fair picture of their credit history.
Your credit is one of your most important assets. Having good credit means you should have more options to borrow money at the lowest cost and from the best lenders. It also means that others who look at your credit — such as landlords, insurance companies, or even prospective employers — are less likely to turn you away or penalize you because you have poor credit.
Take the first step to find out where you stand in the credit world. Get a copy of your consumer credit report and credit score.
Your consumer credit report should contain accurate and up-to-date information about your credit history and behavior. Having your consumer credit report and credit score in hand lets you see what your creditors or those who base decisions on your credit will see. If you discover mistakes, you can have them corrected. Reviewing your consumer credit report can also alert you if someone has stolen your identity.
Be sure to get a free copy of your consumer credit report to stay up to date with your credit profile and to protect yourself from identity theft.
The information on this site is provided as a guide and is not meant to be legal advice. Be sure to consult an attorney for legal advice.
Publications
- How to Get Your Free Credit Report
Every consumer in the U.S. has the right to a free credit report. The law says you can request a free report once every 12 months from each of the three national credit reporting companies – Equifax, Experian, and TransUnion. However, there are a lot of web sites out there that offer you a free Continue Reading
- Credit Scores: Issues In a Changing Environment
This is a PowerPoint presentation given by Gail Hillebrand for a workshop titled “The Growing Influence of Credit Scores” at the Consumer Assembly 2010.
- New Rip-offs
Have you been ripped off by unfair lending or financial practices?
- Consumer group letter to prevent deceptive marketing of free credit reports
Comments of the National Consumer Law Center (On behalf of its Low-Income Clients) Consumer Action Consumers Union Consumer Federation of America National Association of Consumer Advocates National Community Reinvestment Coalition Sargent Shriver National Center on Poverty Law U.S. Public Interest Research Group Regarding Notice of Proposed Rulemaking Free Annual File Disclosures, Rule No. R411005 Amendments Continue Reading
- Consumers Union supports reform to remove paid medical debts from credit
CU supports the Medical Debt Relief Act of 2009, H.R. 3421
- Credit Reports and Scoring
- Credit and Your Consumer Rights
- California: Credit Repair Services
- What is Credit Monitoring?
What is Credit Monitoring? Consumer credit reporting agencies offer to “monitor” your credit for a fee. Credit monitoring services can be costly. These services cost anywhere between $43.80 per year to nearly $150.00 per year depending upon the provider. Typically, these services say they will notify you if anything unusual or suspicious appears on your Continue Reading
- What is a Credit Score?
What is a Credit Score? A credit score is a three-digit number based on a borrower’s bill-paying history and debt profile and statistical information about other borrowers that lenders use to determine the likelihood of certain credit behaviors, including whether you will pay on time. Your credit score is key information that you need to Continue Reading
Press Releases
- CFPB Seeks Oversight of Debt Collectors, Credit Bureaus
The CFPB announced plans to bring oversight to debt collectors & credit bureaus under its roof
- Consumers Union: Get your free credit report
New web page helps consumers get free credit reports, avoid imposter sites
- CU says Social Security numbers need protection
Widespread use and availability of Social Security numbers puts Americans at risk of ID theft
- TransUnion offering security freeze nationwide
Wednesday, September 19, 2007 TransUnion to Offer Powerful Identity Theft Tool to Consumers in All 50 States Consumer groups call on Experian and Equifax to meet or exceed TransUnion‘s plan. SAN FRANCISCO, CA – Starting on October 15, TransUnion will begin offering consumers in all 50 states the ability to freeze access to their credit Continue Reading
- CU supports Oregon Measure 42 to ban credit scoring in insurance
Insurance scores are unfair and often based on inaccurate information
- Insurers using credit scores to set auto and homeowners rates
Consumers Reports finds many drivers could be paying hundreds more for coverage.
- Proposed AZ identity theft safeguard too costly for consumers
CU urges lawmakers to make credit security freeze more affordable for consumers
- CU teams up with Montana Attorney General on ID theft protection
Lawmakers urged to give consumers the right to freeze credit files.
- Should Spanish speakers also enjoy the right to free credit reports?
Read CU’s letter to credit reporting agencies and the
news release from Puerto Rico - Credit reporting agencies reject a step to help hurricane survivors
Six national consumer organizations renewed their call on the consumer reporting agencies Equifax, Experian, and TransUnion to take stronger measures to help survivors who are undergoing major economic disruption caused by Hurricane Katrina.
Blog Posts
- Wrestling with the credit bureaus: One consumer’s cautionary tale
Red Tape Chronicles featured a credit error horror story. His pain can be an important lesson for you to fix any credit errors you may find.
- Senate debate on financial reform heats up
Now that the Senate floor debate on financial reform has started in earnest, supporters are ofering a number of amendments to strengthen the bill so that it better protects consumers from unsafe financial products and creates new rules to stop banks from getting so big that they could threaten the financial system.
- Winner of the Danger of Debt Contest!!
Sean Kleefeld is the Grand Prize Winner of the Dangers of Debt Image Contest!!
- Calling all creative shutter bugs!
Consumers Union needs some fantastic photos for our Defend Your Dollars blog posts that represent the variety of financial consumer issues that affect your life.
- No More Foolin’
FreeCreditReport.com ads are going to sound a little different soon. If you didn’t know it yet, AnnualCreditReport.com is the only website that offers truly free credit reports to consumers.
- To Catch An Identity Thief…For Free
Chances are, you’ve been offered an identity theft service by your credit card company or bank, or seen an ad during a baseball game, or bombarded with offerings to prevent identity theft from happening to you just about everywhere you go…and of course, for a fee. But do these services actually work, and what exactly do they do? Consumer Federation of America has a new report, “To Catch a Thief: Are Identity Theft Services Worth the Cost?” to help answer these important questions.
- Nebraska Identity Theft Bill Advances
GUEST POST by Jaimee Napp, Executive Director of Identity Theft Action Council of Nebraska:
Recently, the Nebraska Unicameral unanimously gave its first round approval to a security freeze enhancement bill (LB 177). In 2007, Nebraska passed The Credit Report Protection Act allowing all Nebraska consumers to freeze their credit.
- To the Grad: Words of Wisdom from Consumer Advocates
Congrats graduates! Money mom would like to share a recent article that ran in the San Francisco Chronicle which provides some money management wisdom from consumer advocates around the country.
- Money Mom says get your free credit report
Monday’s tip from Money Mom – get your free annual credit report online at www.annualcreditreport.com, by calling 877-322-8228, or by making a request by mail.
- Experian Steps Up
On Thursday Oct 4th Experian became the last of the Big Three credit reporting agencies to announce, in a press release, that the company would offer the security freeze (the most effective tool in fighting new account fraud) to all consumers nationwide, DC and in the US territories. Experian’s press release stated that the company would begin the program on November 1st of 2007.
News Articles
- Montanans locking credit reports Source: Helena Independent Record (Tuesday November 6, 2007)
More and more consumers are taking advantage of security freeze protection
- Montana bill to deter identity theft advances Source: Billings Gazette (Thursday January 26, 2006)
A bill giving Montanans the right to freeze access to their credit reports to block criminals from stealing their identity will go before the state Senate.
- ID theft law to take effect in Vermont Source: Times Argus (Sunday July 10, 2005)
Vermonters who become the victims of identity theft can stop the financial bleeding by putting a freeze on their credit reports, under a new state law.
Worried about retirement?
The stock market has been unusually volatile, plunging hundreds of points, creeping back, only to plunge again. It is hard to stay disciplined about saving when every dime you’ve invested can evaporate in a day.
What is your biggest concern about your own retirement? We want to hear from you.
Where to complain
Online, by mail, phone or fax... Agencies need to hear from you!