The Common Law

My boyfriend recently applied for a home loan and learned that his credit score is horrible. It's got me a bit worried and makes me want to get my financial house in order as we move into 2012. How do I review my credit score?

The Fair Credit Reporting Act requires nationwide consumer reporting companies to provide you with a free copy of your credit report every 12 months upon request. You can get your free credit report by calling 877/322-8228. You can also purchase your credit report for a nominal fee from many other websites. Periodically checking your credit history is very important, primarily because it can help combat identity theft.

Identity theft, which leads to inaccuracies in your credit rating, can affect your ability to get credit, especially loans for major purchases like a house or a car. You should periodically check your credit report to ensure the information contained in it is accurate and up-to-date.

Should you find inaccuracies in your credit report, you need to contact the consumer reporting company and the information provider (the person or organization that provided information about you to a consumer reporting company) in writing and dispute the inaccurate information. Consumer reporting companies generally must investigate the items in question and forward all the relevant data you provide about the inaccuracy to the person or organization that provided the information. After the information provider receives notice of the dispute from the consumer reporting company, it generally must investigate and report the results back to the consumer reporting company. If the information provider finds the disputed information is inaccurate, it must notify the nationwide consumer reporting companies so they can correct the information in your credit file. When the investigation is complete, the consumer reporting company should give you the written results of the investigation and a free copy of your credit report if the dispute results in any changes to your credit history.