Federal laws, such as the Fair Credit Reporting Act (FCRA), and state codes govern credit reporting rights for Georgia citizens. Credit reports contain information about whether or not an adult pays his bills on time and can impact companies' decisions about granting credit card accounts, housing, vehicle loans and, in some cases, employment. Other types of personal information, such as any criminal history, are also reflected on credit reports.
Credit Reporting Time Frames
If you filed Chapter 13 bankruptcy, partially repaid your debts under credit counseling, didn't pay a bill on time or failed to pay it entirely, then this type of information will negatively impact your credit rating for seven years, warns the state of Georgia's website. Other types of negative credit events, such as a lost lawsuit, tax lien or Chapter 7 bankruptcy, report to your credit profile for 10 years from the date of the event. If you pay all of your bills on time and keep the accounts open, then the resulting positive payment history reports indefinitely; once an account is closed, the on-time payments report for 10 years, notes the credit bureau Experian.
Free Annual Credit Reports
Starting in 2005, all Georgia residents were entitled to obtain one free credit report from the Federal Trade Commission each year from the three major credit bureaus: Equifax, Experian and TransUnion. Each adult requesting his credit report must prove his identity by answering multiple-choice questions about credit accounts and past addresses or providing a valid government-issued photo ID.
Placing A Security Freeze
Some people choose to place security freezes on their credit reports to protect themselves against identity theft, notes the attorney general of Georgia. Once a security freeze is placed, potential creditors cannot view the report or grant new accounts without verifying the applicant's identity. Georgia residents can request security freezes online, over the telephone or through postal mail. As of 2011, it costs $9 to place a security freeze with all three major credit bureaus.
Disputing Errors
Sometimes credit reports have errors due to computer issues or identity theft, according to the state of Georgia. The FCRA and state laws allow citizens to demand an investigation into any inaccurate credit report information. The credit bureau then has 30 days to either prove the validity of the reported information or remove it. In the event that inaccurate information is not removed from a consumer's credit report, that person has the right to sue the credit reporting agency and/or the creditor reporting the incorrect information.
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