The FCRA gives you many more rights than those that are publicized. This article is to help you understand some additional rights that you have.

ADVERSE ACTION

Adverse action occurs when your rates or services are increased, denied, cancelled, or adversely changed due to information on your credit report. This may include car insurance, home insurance, car loan, home loan, car leasing, cell phone, etc.

Prior to 2003, adverse action only occurred when you were "denied" service.

The FCRA says that you are to receive an "adverse action" letter anytime that you do not receive the most favorable rates.

This has really shaken the banking industry. We had one banker tell us that they are thinking about printing blanket "adverse action" letter notifications and giving them to EVERYONE because no one qualifies for "best rate" any more.

It is important to ask "What is your best rate?" BEFORE you give any identifying information to a business. Then you'll know if you are being re-rated.

It is very important to get this adverse action letter, with that letter you are able to take control of the situation. It is shown that over 72% of all credit reports have an error in them, 50% have serious errors.

Millions of people have signed up for "credit monitoring" service, however, we believe they are a waste of money now that the FCRA has been changed.

With that letter you can receive your "free credit report". The best way to order these is on-line. But we want to warn you - the CRA's do not make it easy. You have to watch very carefully. Many times it is a seperate window that you have to open to get your free report.