APPENDIX IV Where to Write or Call for Credit Reports The request must include a name, address, previous addresses for the last five years, social security number and date of birth. A copy should arrive within three weeks. Equifax Credit Information Services Farmingdale, NY 11735 Trans Union Mid Atlantic Consumer Relations Center Philadelphia, PA 19105 TRW National Consumer Assistance Center Parsippany, NJ 07054 (201) 285-4900 "(b) Compliance with the requirements imposed under this title with respect to consumer reporting agencies and persons who use consumer reports from such agencies shall be enforced under "(1) section 8 of the Federal Deposit Insurance Act, in the case of "(A) national banks, by the Comptroller of the Currency: "(B) member banks of the Federal Reserve System (other than national banks). ' by the Federal Reserve Board; and "(C) banks insured by the Federal Deposit Insurance Corporation (other than members of the Federal Reserve System), by the Board of Directors of the Federal Deposit Insurance Corporation. "(2) section 5(d) of the Home Owners Loan Act of 1933, section 407 of the National Housing Act, and sections 6(i) and 17 of the Federal Home Loan Bank Act, by the Federal Home Loan Bank Board (acting directly or through the Federal Savings and Loan Insurance Corporation), in the case of any institution subject to any of those provisions; "(3) the Federal Credit Union Act, by the Administrator of the National Credit Union Administration with respect to any Federal credit union; "(4) the Acts to regulate commerce, by the Interstate Commerce Commission with respect to any common carrier subject to those Acts; "(5) the Federal Aviation Act of 1958, by the Civil Aeronautics Board with respect to any air carrier or foreign air carrier subject to that Act; and "(6) The Packers and Stockyards Act, 1921 (except as provided in section 406 of that Act), by the Secretary of Agriculture with respect to any activities subject to that Act. "(c) For the purpose of the exercise by any agency referred to in subsection (b) of its powers under any Act referred to in that subsection, a violation of any requirement imposed under this title shall be deemed to be a violation of a requirement imposed under that Act. In addition to its powers under any provision of law specifically referred to in subsection (b). each of the agencies referred to in that subsection may exercise, for the purpose of enforcing compliance with any requirement imposed under this title any other authority conferred on it by law. "§ 622. Relation to State laws "This title does not annul, alter, affect, or exempt any person subject to the provisions of this title from complying with the laws of any State with respect to the collection, distribution, or use of any information on consumers, except to the extent that those laws are inconsistent with any provision of this title, and then only to the extent of the inconsistency" EFFECTIVE DATE SEC. 602 Section 504 of the Consumer Credit Protection Act is amended by adding at the end thereof the following new subsection: "(d) Title VI takes effect upon the expiration of one hundred and eighty days following the date of its enactment." And the Senate agree to the same. APPENDIX V How to Decipher a Credit Report All three of the major bureaus have promised easier to read formats for the credit reports they furnish to consumers. Equifax hopes to have a more user-friendly version in use no later than December 1991, TRW plans a new version for late 1992 and Trans Union began using a new format starting in October of 1991. Since TRW's current format will be in use longer, here's how to decipher it. It comes with a key, explanations and a list of commonly asked questions. What follows is a copy of a typical TRW report and DCA's explanation of what it all means. Had any entity requested this consumer's credit record, this fact would be disclosed at the end of the report, showing the name and date the organization asked. For instance, had the consumer applied for a mortgage, TRW would disclose at the end that the bank had obtained a copy of the home buyer's credit report. How to Read Your TRW Credit Report Identifying information used to obtain this report from the TRW data base Identification number Please include on all u name and address as reported to us by one of your 1 th employer's name and address as last reported to us 5 Your Social Security number as reported to us by one of 6 These columns indicate positive, non evaluated and 11 Account number or court docket number 17 Abbreviated description of the payment status of the 13 Date the account was opened 5Y or 10 Y indicates opened prior to five or ten years respectively 14 Scheduled monthly payment amount The amount may 15 Estimated monthly payment amount The amount may 16 Date of the last payment you made which was reported 17 Abbreviated description of the type of credit extended 18. Time frames scheduled for account repayment Charge 19. Abbreviated explanation of amount of account (See 20 Balance owing as of the date located to the unmediate 21 Doller amount past due, d any, as of the balance dete 23 The name of a subscriber that has obtained a copy of 25 Profile report message. For further explanation, see Credit Profile Report Messages on next pages |