CT Labor Department Federal Credit Union

Do you know what’s on your Credit Report?

The Fair and Accurate Credit Transactions Act of 2003 (FACT ACT), was created to ensure fair treatment of all credit applicants, and to decrease the amount of identity theft. It was signed into law on December 4, 2003, and became effective December 2004. In accordance with the FACT ACT, the credit union may report information about your loan and deposit accounts to credit bureaus. Late payments, missed payments, or other defaults on your accounts may be reflected in your credit report.

The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies to provide you with a free copy of your credit report, at your request, once every 12 months. Why get a free credit report? Regularly checking your credit can help minimize the impact of identity theft and fraud. Identity thieves often fraudulently use consumer's information—such as name or Social Security Number—to open new lines of credit in another person's name. Then, when they don't pay the bills, the delinquent activity can show up on the victim's credit report and impact that individual's credit score. Inaccurate information can affect one's ability to get credit, insurance, or even a job.

Find out more information about the free Annual Credit Report Program at the Federal Trade Commission http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34.shtm
or visit http://www.ftc.gov/

Our staff is ready to analyze your credit report and look for opportunities to save you money by lowering the interest rates and monthly payments that you are paying to other lenders.

We can also suggest ways to improve your credit score, which affects the rates you pay for products such as insurance.

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