Information for Consumers

What are credit sco res?
Identity Theft / Fraud
Frequently Asked Questions

For many years, credit grantors have used credit scores to help them with their lending decision process. A credit score is a number that fairly and impartially indicates how likely an individual is to repay a loan, or make payments on time. Credit scores are automatically calculated each time a credit file is obtained by a credit grantor and may change based upon the current information contained in the file. Credit scores are statistically validated to insure their accuracy, and their predictive abilities are re-tested regularly. Credit scores are not part of a credit file, but rather are created using data contained in a credit file at the time of a credit grantor's inquiry. If you would like to see your current Fair Isaac Beacon credit score, click here.

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IDENTITY THEFT/FRAUD
The incidence of identity theft (someone using your identification without your permission) and credit fraud (someone obtaining credit under false pretenses or using false information) is growing. Here are some tips and suggestions to help protect yourself from becoming a fraud victim or to help you know what to do if your identification is stolen or misused.

Credit Fraud Prevention Tips:

Secure your mailbox or retrieve your mail quickly to limit the risk of
stolen mail. Place all outgoing payments or financial correspondence
into a secure Post Office mail receptacle.
If your mail has been tampered with or stolen, contact postal
authorities and consider yourself at risk.
Avoid carrying such documents as a Social Security card, birth
certificate or passport.
Reduce the number of credit cards you are carrying to a minimum.
Keep a list of your credit and bank accounts in a secure place, such as
a lock box.
Avoid giving personal information over the phone or the Internet,
unless you are certain of the caller's identity. Be especially cautious of
any request for information in connection with a transaction that you
did not initiate.
Cut up, shred, or otherwise destroy pre-approved credit offers that
you don't use.
Do not have your Social Security or driver's license number printed on
your checks.
If your credit cards or checks have been lost or stolen, immediately
notify your creditors and banks. Request that your bank account
number be changed and new checks issued. Order your credit reports
from each of the three credit bureaus at least once a year to ensure that
the information on your credit report is accurate. These reports may
be ordered easily from this site or from our Consumer Relations
Department.
Consider listing only your name and number (no address) in your
telephone book.
Regularly checking your credit report for changes you did not make is one
of the best ways to combat identity theft. Click here for more information.

If Your Identity Is Stolen:

Start keeping records. At the first sign of fraud, begin a log of dates
and time spent solving this problem. Make sure to keep accurate
records.
Contact all three consumer reporting agencies by calling Equifax at
(800) 685-1111, Experian at (888) 397-3742, and TransUnion at (800)
916-8800. Request a copy of your file, and notify them of any fraudulent
information that may be on your file. Also, request that a fraud alert be
added to your file.
Call or write all creditors on your credit report. Alert all credit-card
companies, stores, and others about fraud. Request that any
inaccurate information be removed from your file.
Check for and repair further breaches of your identity. Ask about the
status of existing accounts, recent change-of-address requests, and
new accounts at your bank, the company that handles your
investments, the department of motor vehicles, the Social Security
Administration, and your phone company.
Call and write law-enforcement authorities. Report fraud to the local
police, the U.S. Secret Service, the FBI (if a bank is involved), and the
U.S. Postal Inspector.
Visit the FTC's web site on ID Theft at www.consumer.gov/idtheft/. At
the bottom of their web site download the PDF file ID Theft: When
Bad Things Happen To Your Good Name. This booklet contains very
helpful information and provides direction for dealing with ID Theft.

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We realize that credit reports or how the credit industry operates is sometimes a mystery to many people. We are available to help you understand what information is being collected and how it is used so that you can better plan your financial future. The following information is a list of the most frequently asked questions about credit reports and the credit reporting industry.

FREQUENTLY ASKED QUESTIONS ABOUT CREDIT REPORTS
Q. Why was I turned down my request for credit?
A. Consumer reporting agencies do not recommend that your credit application be accepted or rejected. Credit grantors make that decision, based on your payment record and their own criteria.

Q. Do consumer reporting agencies rate my accounts?
A. No. All they do is maintain records. Each creditor reports the status of your account according to your manner of payment.

Q. How can I correct an error in my credit file?
A. If you request a copy of your file from a consumer reporting agency, they will provide instructions advising how dispute information in your file. Once you notify the consumer reporting agency of your dispute, they will reinvestigate the disputed information with the credit grantor or public record office which provided the information to see if any error has been reported. Information that cannot be verified will be removed from your file. If you and a credit grantor disagree on any information, you may wish to resolve the dispute directly with the credit grantor who is the source of the information in question.

Q. What if I still disagree with an item after it has been verified?
A. For those items in your credit file that you feel deserve further explanation, you may submit a brief statement, not to exceed 100 words, to the consumer reporting agency. The information will be placed on your credit file and will be disclosed each time your credit file is accessed.

Q. What is in my credit file that keeps me from obtaining credit?
A. Consumer reporting agencies do not know since they do not grant credit. Each credit grantor has established criteria for making credit decisions. Your credit may appear to be perfect, but having too much credit or too many outstanding balances are examples of why your request for credit might be declined. Sometimes the decision is not even based directly on the credit report; for instance, you may have not been at your current residence or your present job long enough. Contact the credit grantor for an explanation of your denial.

Q. If I do have credit problems, is there someplace where I can get advice and assistance?
A. Yes. Most communities have an organization commonly known as Consumer Credit Counseling Service (CCCS). These are non-profit organizations that offer free or low-cost financial counseling to help people solve their financial problems. CCCS can help you analyze your situation and work with you to develop solutions. You may locate a CCCS office near you by calling the National Foundation for Consumer Credit 1-800-388-2227. For more information regarding the NFCC national network of non-profit community organizations, you may review their Internet web-site at http://www.nfcc.org/.

Q. Should I use one of those companies that promises to help "fix" my credit?
A. NO! These companies cannot have accurate information removed from your credit report. There is nothing that they can do for you that you cannot do for yourself.

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