THE MVET WAY CEMN NEWSLETTER...JULY-AUGUST-2016-ISSUE-1

Barry Menser

IMPORTANCE OF UNDERSTANDING CONSUMER REPORTING AGENCIES By Barry Menser, C.F.P.

Welcome to the World of Financial Education and Consumer Reporting Resources Part 1 of 3

This initial introduction will cover the world of consumer credit and reporting of consumer credit. Some of the categories and companies may be familiar to you, and some may be unknown. Later, in other informational documents. We will explore business credit reporting agencies; but for now, the area of discussion will be consumer reporting companies. We will start with those companies that you may have encountered as you experienced everyday life. Under the Fair Credit Reporting Act, you as a consumer, can request a free credit report every 12 months and receive a consumer report from Equifax, Experian, and TransUnion, the three largest providers of consumer reports. Information provided in the big three reports contain: *Your repayment history submitted by credit card companies, home and auto lenders, leasing companies, and other creditors.

*How much credit you have been approved for. *How much credit you have used.

*Data from debt collectors and buyers of debt including medical debt (medical debt inclusion is under review). *Public record information such as bankruptcies, short sales, liens, and judgments.

Additional sources of consumer reporting companies include:

Employment screening.

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Tenant screening.

Check and bank screening. Personal property insurance.

Medical.

Low-income and subprime. Supplementary Reports.

Utilities.

Retail.

Gaming.

The Community Empowerment Network and the MVET Way offers tools and resources to help you better understand what is on your report and offer the solutions to improve your score to accomplish your dreams, whether it is to purchase a home, a car, or start a business.

Part 2 will continue to discuss additional consumer categories.