Learn to Read Free Credit Reports
"A month later and credit expert Thomas Urbaniak isn't so sure people get it.
When the government rolled out its free credit report effort in March for Michigan residents, it was meant to empower U.S. citizens and help guard against identity theft.
Under the federal Fair and Accurate Credit Transactions Act of 2003, consumers may order financial data from the three primary bureaus -- Equifax, Experian and TransUnion -- once a year for free.
Urbaniak, office manager and a certified credit counselor at GreenPath Debt Solutions, 4600 Fashion Square in Saginaw Township, said many mid-Michigan residents walking through his doors are empty-handed.
"A lot of people still don't know about it," he said.
"For some reason, the word still needs to get out."
Many clients who do pull their reports don't know how to interpret them, Urbaniak said.
"There are old accounts listed that they paid off a long time ago, but they don't understand what they're looking at.
"This is new, and it will take time, so people will get better at reading them, and we can help."
It's difficult for Urbaniak to dole out general advice, he said, because each case varies.
Another problem he encounters are consumers who prefer to just "stick their heads in the sand."
"They're afraid and don't want to know," he said. "Forgetting about the report and letting go isn't the answer."
Federal Trade Commission spokeswoman Jen Schwartzman agrees.
She couldn't provide statistics on how many Michigan residents have taken advantage of the program. However, she also said there are some out there confused.
For instance, a number of novice Internet users have mistakenly clicked on advertisements that charge fees for credit reports on the government's Web site.
"Some people who don't use the Internet all the time are having a little trouble," Schwartzman said."
Full Article from Mlive.com
When the government rolled out its free credit report effort in March for Michigan residents, it was meant to empower U.S. citizens and help guard against identity theft.
Under the federal Fair and Accurate Credit Transactions Act of 2003, consumers may order financial data from the three primary bureaus -- Equifax, Experian and TransUnion -- once a year for free.
Urbaniak, office manager and a certified credit counselor at GreenPath Debt Solutions, 4600 Fashion Square in Saginaw Township, said many mid-Michigan residents walking through his doors are empty-handed.
"A lot of people still don't know about it," he said.
"For some reason, the word still needs to get out."
Many clients who do pull their reports don't know how to interpret them, Urbaniak said.
"There are old accounts listed that they paid off a long time ago, but they don't understand what they're looking at.
"This is new, and it will take time, so people will get better at reading them, and we can help."
It's difficult for Urbaniak to dole out general advice, he said, because each case varies.
Another problem he encounters are consumers who prefer to just "stick their heads in the sand."
"They're afraid and don't want to know," he said. "Forgetting about the report and letting go isn't the answer."
Federal Trade Commission spokeswoman Jen Schwartzman agrees.
She couldn't provide statistics on how many Michigan residents have taken advantage of the program. However, she also said there are some out there confused.
For instance, a number of novice Internet users have mistakenly clicked on advertisements that charge fees for credit reports on the government's Web site.
"Some people who don't use the Internet all the time are having a little trouble," Schwartzman said."
Full Article from Mlive.com
posted by Dave at 9:19 AM
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