Having the opportunity to get your free credit report online isn't a right that's backed by
law, but some rights dealing with credit are. The Equal Credit Opportunity Act(ECOA) establishes
that while everybody isn't guaranteed credit, they are guaranteed an equal chance to get
it. Get your free credit report online and you'll get the basis for credit decisions made about
you.
The ECOA says your credit should be judged by only the type of financial information you see
when you get your free credit report online. And when deciding to grant you credit, a creditor
may not consider your race, sex, religion, national origin or marital status. Further, he may
not:
- Consider your age unless you're too young to legally sign contracts or you're 62 or older
and the creditor will favor your age. Also your age may be used to put other factors in context,
such as length of employment or credit history.
- Consider the race of the people in your neighborhood.
- Require you to have a telephone in your name, only whether you have a telephone.
- Treat income from public aid, part-time work, alimony, child support, annuities, or pension
benefits any differently than other income.
- Assume a woman of childbearing age will stop work to raise children. Nor can he inquire
about plans for raising or having children.
- Ask for information about your spouse unless your spouse is applying with you or will use
the account or will provide income support for the account or if you live in a community property
state.
- Require a cosigner if you alone can meet the credit standards.
If you're a woman, you may have a special consideration when you get your free credit report
online. Married and divorced women have a choice of how they want their name to appear
in their credit report. They can use their maiden name, their married name or combine their name
with their husband's(Smith-Jones). Women and men are protected from losing an account after a
change in name, marital status or retirement, unless the creditor can show that they can't or
won't pay their bills.
If you get your free credit report online and find an error, it may be the cause for having
a credit application turned down. But whatever the cause, if you have a credit application
denied, you have the right to know the specific reason within 30 days of the rejection. You also
have the right to know the reason if you're offered less favorable terms. And if you have an
existing credit account that has its terms changed or is closed, you must be given the
explanation if you ask for it.
To get your free credit report online and free 30 days of credit monitoring, please go to
free instant credit reports.
