The number one reason to check your credit report is Identity Theft.

The FACTA (The Fair and Accurate Transactions Act of 2003) is best known for giving consumers access to a free credit report once a year. It amended the Fair Credit Reporting Act to help consumers fight identity theft and is your number one weapon, if you put it to use.

You can obtain a free credit report from each of the three major credit reporting bureaus - Experian, Equifax and TransUnion. The very best site to use for this is Annual Credit Report.

You can access each of the three bureaus from there.

It is recommended that instead of receiving all three of your reports at once, you get one every four months. That way you can keep tabs on your credit report all year long. It is now recommended that you also obtain a credit report from Innovis once a year. They are the fourth major credit reporting bureau.

There are other reasons to keep tabs on your credit report.  Nearly 90% of credit reports contain inaccurate information. The inaccurate information is often the reason people are refused credit and they don’t even know it. Any incorrect information could potentially affect your ability to obtain a loan or get a job.

It’s important to keep your credit report information up to date and correct. Don’t wait until you need to apply for a loan to check your credit reports. It will take time to correct any wrong information. You will have to prove to the credit bureau that the information is wrong and have it deleted or replaced with the correct information.

In these economic times, a good credit score is fast becoming more important than ever. Don’t take the chance that a credit bureau will always list your information correctly. Remember that anyone can see your credit report. It’s your financial reputation.

A debt collector abuses you so badly that you file a complaint with the Federal Trade Commission or your state agency. Maybe you send a letter to the debt collector and threaten to sue them.

Lo and behold. you get a phone call from an official-sounding person. The voice on the other end of the phone line apologizes, assures you that they has fired the “bad egg,” and offers your $500 for your troubles.

Do you take the money?

That’s the problem with the Internet - and even with sites such as this one. Information is plentiful enough for you to know that you have rights, and that those rights have been violated. But what you don’t know is the value of the claim, and how to approach the case.

In fact, you probably don’t even know if there are additional rights that have been violated.

Once again I ask you - do you take the money?

No, you don’t take the money. You go to a lawyer like me or someone who does what I do. Get your situation evaluated by a professional.

After all, you wouldn’t give yourself brain surgery would you?

This isn’t brain surgery. But it IS a complex set of laws and rights that intertwine in a number of ways. There aren’t many lawyers who protect consumer rights, and fewer who do it well. In the right hands a case can be evaluated reliably, and handled capably.

When that happens, your recovery may be better or not - but it will be fairer and designed to protect you in the future from further abuses.

If you believe that a debt collector has violated your rights, contact me immediately to discuss your legal options.