S ile tz N ew s
Programs
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Credit reports and the loan process
LISA BROWN
SBIC Business Counselor
mportant information is contained in a personal credit report. If you are
not sure what is on your credit report, and have been denied credit in
the past you may request a free copy of your credit report by submitting
the following information to one of the agencies listed below:
I
Names of Credit Reporting Agencies,
TRANS UNION Credit Corp.
PO Box 390
Springfield, PA 19064-0390
800-888-4213
EQUIFAX Credit Info. Services
PO Box 105873
Atlanta, GA 30348
800-685-1111
EXPERIAN Credit Report Request
PO Box 9530
Allen, TX 75013
800-682-7654
The general fee for obtaining your credit file is $8 for a single, or $16 for
joint (husband & wife). This cost can vary from agency to agency.
Under Federal law you are entitled to a FREE copy of your credit report if you
have been:
• Denied credit in the past 60 days* *
• You are receiving welfare
• You are unemployed
• Are a victim of fraud
"Verification of denial must be included with request.,
The following information needs to be included with your written
request:
• Full name - Including middle initial and/or generation, such as
JR, SR, II, III
• Complete current address including ZIP
• Verification of current address - such as photocopy of drivers
license, utility bill, etc.
• Social Security number
. • Date and year of birth
• If married - include spouses name, social security number, and
date/year of birth
• Signature(s)
• To ensure accurate credit file/match, include previous addresses
for past 5 years
• Include current daytime and evening phone numbers
If you have received a credit report, and you disagree with the findings,
you also have the right to explain adverse credit with any or all creditors
by submitting a CONSUMER STATEMENT to the credit reporting
agencies. Statements must be 100 words or less. There is no'cost to you.
You also have the right to dispute any information in yourcredit file
that is not reported accurately, by submitting a LETTER OF DISPUTE to
the credit reporting agencies. An investigation will be conducted
regarding your concem(s). By law, any unverifiable or inaccurate
information MUST be removed.
QUESTIONS????? Contact SBIC~Lisa Brown at
444-8255 or 1-800-922-1399
CREDIT & DEBT CONSOLIDATION AGENCIES
________________
The media is loaded with advertisements of these agencies, which make
promises to "fix bad credit" or remove detrimental information from your
credit report. These agencies usually require a fee, which can run
anywhere from a few hundred to thousands of dollars, with no actual
promise of what they can actually accomplish. You may pay for this
service, have several items removed, pay the fee, but still have the most
damaging item left on your credit report.
The most significant problem with these services is that you as a
consumer can usually accomplish the same thing, without incurring a fee!
The burden of proof is upon yourself, and it is ultimately the business who
reported the information, that has the power to agree with your claim, and
have the information removed from your report. You may be able to
convince the lending institution to remove the information, by writing a
CONSUMER STATEMENT or submitting a LETTER OF DISPUTE.
If you need help dealing with your debts, you may want to contact a
Consumer Credit Counseling Service (CCCS). This is a non-profit
organization with more than 850 offices located in 50 states. CCCS
counselors will try to arrange a repayment plan that is acceptable to you
and your creditors. These services are offered at little or no charge to you.
Try checking the White Pages of yoUr telephone directory, or call 800-388-
2227 to get the telephone number ¿of the CCCS office located closest to
your area.
A
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BUSINESS RESEARCH - WEB SITES
American Business Resources, Inc.
http://www.vtinet.com/abr/index.htm
Business Matchmaker
http://www.nbia.org/csa.htm
Business @Home Magazine
http://www.gohome.com
Bureau of Labor Statistics
http://www.stats.bis.gov
Chamber of Commerce America
http://www.worldchamber.cbm/america.html
Center for the New West
http://www.newwest.org
Dun & Bradstreet Info Services
http://www.dnb.com
Family/Coupie-owned businesses
http://www.boomer-house-books.com
Homeworks Homepage
http://www.homeworks.com
Information Technology
http://www.nist.gov/itl
National Association of Counties
http://www.naco.org
National SBDC Research Network
www.sbdc@snycenum.bitnet
Native Web Home Page
http://www.maxwell.syr.edu/nativeweb
Patent & Trademark Office
http://www.uspto.gov
Rural Economic/Community Revitalization
http://www.rurdev.usda.gov/
Small Business Administration
http://www.www.sbaonline.sba.gov
Small Business Advocate (SBA)
http://www.sba.cov/ADVO/news/
Small & Home-based Business:
http://www.racom/small-business/homebased.html
SoHb Central—HOAA Homepage
http://www.hoaa.com
Stateof Small Business, 1997
http://www.inc.com/vtopic.vts
Telecommuting, Teleworking & Alternative Officing
http://www.gilgordan.com
Telluride<lnforZone>
http://www.telluride.co.us/lnfoZone.html
The Council of State Governments-West
http://www.csg.org/regions/west/index.html
US Census Bureau
http://www.census.gov
US Business Advisor
http://www.business.gov
USDATA: Local Market Data Resource
http://www,usadata.com
US WEST Home Office Page:
http://www.uswest.com/products/equipment/details/homereceptionist/index