Consumers Responsible for Keeping Eye on Credit File

The Fair Credit Reporting Act, revised in 1999, is aimed at ensuring that consumer credit reports are accurate. These reports, which detail the way consumers handle their bills, can dictate how much you pay for a loan, whether you can get new credit or insurance and even whether you’ll be hired for a specific job.

Under the law:

* You have the right to a free credit report if you are turned down for credit based on information in your file.

* You can dispute inaccurate items in the report and have them investigated promptly.

* Inaccurate or unverified items must be deleted from your file within 30 days.

* You must be notified if previously deleted items are reinserted on your report.

But consumers must enforce these rights themselves. Some industry experts suggest consumers get a copy of their credit file annually to ensure its accuracy. Anyone who wants to verify the accuracy of a credit report when they haven’t been denied credit, however, must pay a fee to get a copy of their file. Generally the fee is $8 per person, but it’s advisable to get reports from all three of the big credit reporting companies because they don’t always share information.

To get a copy of your credit report, call:

* Equifax: (800) 685-1111

* Experian: (888) 397-3742

* Trans Union: (800) 916-8800

If you find inaccurate items on a report, be sure to keep records of your efforts to clear them up, attorneys say.

You’ll need these documents to complain to the Federal Trade Commission, which monitors compliance with the fair credit act, if the credit reporting company does not comply with the law. If the problem proves intractable, these records are pivotal in lawsuits too.

To find an attorney specializing in consumer credit problems, contact the Privacy Rights Clearing House or the Identity Theft Resource Center, which keep lists of legal specialists in this area. Both organizations can be contacted through their Web sites at www.privacyrights.org and www.idtheft.org.