Consumer Info: Credit

Websites

: Free Annual Credit Reports
annualcreditreport.com is the ONLY authorized online source for you to get a free credit report under federal law. You can get a free report from each of the three national credit reporting companies every 12 months. Some other sites claim to offer "free" credit reports, but may charge you for another product if you accept a "free" report.

Visit annualcreditreport.com

Video

: Credit Repair
Everyday, companies target consumers who have poor credit histories with promises to clean up their credit report so they can get a car loan, a home mortgage, insurance, or even a job once they pay them a fee for the service. Don’t believe these claims: they’re very likely signs of a scam. You can improve your credit report legitimately, but it takes time, a conscious effort, and sticking to a personal debt repayment plan. Learn more about credit repair from the FTC.

Audio

Don't Be Burned By Debt Elimination Scams
When it comes to eliminating debt, it could pay to follow some expert advice. Analysts say to watch out for schemes that promise to eliminate debt at a tiny fraction of what is actually owed. The plans generally don’t work and could end up hurting you more than they help.

Listen to a 30-second radio message:

View the transcript from the OCC (PDF).

To download the mp3, right-click this link and choose "Save As."

AnnualCreditReport.com
Free credit reports can give you a snapshot of your financial situation. There’s only one authorized online source for free credit reports. Its annualcreditreport.com.

Listen to a 15-second radio message:

View the transcript from the FTC (PDF).

To download the mp3, right-click this link and choose "Save As."

PDF's

: Don't Be Burned By Debt Elimination Scams
Knowing the signs of a debt elimination scam can save you money, time, and headache. If a company claims that they can eliminate your debt for a fraction of the amount you owe, be very skeptical. Read this expert advice and learn what to do if you suspect a scam. View the full article from the OCC (PDF).
: The Fair Credit Reporting Act Fact
The Fair Credit Reporting Act (FCRA) places responsibilities on consumer reporting agencies and users of consumer reports, such as financial institutions, employers, and others. View the Fact Sheet from the OCC.

Online Articles & Tools

: Credit Counseling
Many credit counseling organizations are nonprofit and work with you to solve your financial problems. But beware — just because an organization says it is “nonprofit” doesn’t guarantee that its services are free or affordable, or that its services are legitimate. In fact, some credit counseling organizations charge high fees, some of which may be hidden, or urge consumers to make “voluntary” contributions that cause them to fall deeper into debt. Read the full article from the FTC.
: Debt Collection
If you fall behind in repaying your creditors, or an error is made on your accounts, you may be contacted by a debt collector. The Fair Debt Collection Practices Act requires that debt collectors treat you fairly and prohibits certain methods of debt collection. Read the full article from the FTC.
: Community Reinvestment Act Information
The CRA was enacted in 1977 to prevent redlining and to encourage banks and thrifts to help meet the credit needs of all segments of their communities, including low- and moderate-income neighborhoods. Read the full article from the OCC.
: Financial Literacy Resource Directory
This directory provides information on financial literacy resources, issues and events that are important to bankers, organizations, and consumers of all ages. The directory includes descriptions and contact information for a sampling of organizations that have undertaken financial literacy initiatives as a primary mission, government programs, fact sheets, newsletters, conference materials, publications, and links to Web sites. Read the full article from the OCC.
: BBBTips™ for Consumers Considering Bankruptcy
Bankruptcy is a very important decision. There is no set of rules you can use to determine whether you are a good candidate. What you can do is carefully evaluate your options. At the very least, you will want to know the implications and consequences of filing for bankruptcy and consider the possible alternatives. Read the full article from the BBB.
: BBBTips™ on Choosing a Credit Counseling Agency
If you are in debt and finding it difficult to pay your bills, credit counseling can be a financial lifesaver. The right counselor can advise you on how to use credit wisely; help you establish a workable budget, keep track of your bills and manage your money; and, if appropriate for your situation, arrange a repayment plan with your creditors. In short, a trained and certified specialist can place you on the track to financial security. Read the full article from the BBB.
: BBBTips™ on Credit Cards
Without peeking at your credit card statements, what is the total amount you owe on all of your cards? What interest rate(s) are you paying? How often do you incur extra fees because your payment was late or become you've gone over your credit limit? Do you typically make only the minimum payment? How well can you answer these questions? If you are "in the dark" about your credit cards, you may be putting yourself at financial risk. Read the full article from the BBB.
: BBBTips™ on Understanding your Credit Report
Establishing and maintaining a good credit record is very important. A low credit score could deny you access to a credit card, mortgage or car loan, insurance, electric and telephone service, an apartment rental unit or a job. And, it could result in your paying thousands of dollars a year in additional finance charges. If you practice good credit behavior, you should have no problem securing credit when the need arises. Read the full article from the BBB.
: BBBTips™ on the ABCs of Short-Term Loans
When you need money quick, it is tempting to look for a quick solution. Who wants to spend time researching loan options when the fridge just died? You need $500, and you need it fast. If you lack a savings account, you do indeed need to take action. Just make sure it is the right action. Opting for the “easy way out” could leave you with “no way out” in a matter of weeks. Read the full article from the BBB.