| It was bound to happen and it did!
Most insurance companies use credit scoring as a way to adjust the consumer's
insurance rate. This can mean a substantial amount of savings or additional premium
to you. The following article is a great resource that our customers can use to
understand the process and to help ensure their credit score is accurate. 
Starting June 1, Floridians can get free reports online at www.annualcreditreport.com.
Floridians can also download the form to mail, or call toll-free 1-877-322-8228
to obtain free reports by mail. Floridians can also purchase the credit score
for a fee of $6.95 when requesting the free annual credit report.
source: www.piafl.org
CFO Urges Consumers to Review Credit Reports
Florida’s Chief Financial Officer Tom Gallagher is urging Floridians to
take advantage of a new law that allows consumers to get free annual credit reports.
According to Gallagher, a credit record can determine a lot about a consumer’s
financial future, from how much credit they get to whether they are offered a
job.
 “Floridians
should carefully check their credit reports for errors and incomplete information,”
stated CFO Gallagher, who is spearheading efforts to promote financial literacy
among Floridians of all ages and economic levels. “Identity theft can be
stopped early by a thorough examination of the details in a credit report. Good
credit is an asset worth protecting.”
Florida consumers are encouraged to take advantage of the free annual credit
reports that can be requested from each of the three major credit reporting services
under the federal Fair and Accurate Credit Transactions Act. Once each year Floridians
get to review their credit reports at no charge due to this change in the law
that went into effect June 1.
Credit reports contain numerous types of information--details about debt such
as mortgages, consumer loans, credit cards, and bankruptcies. Requesting a report
will give the consumer the opportunity to find any inaccuracies and correct them.
Mortgage lenders and credit card issuers rely on credit reports to make credit
decisions and to assign interest rates. Insurance companies and potential employers
are using the reports to decide whether to issue insurance or make job offers.
 Gallagher
believes that Floridians should make it a habit to check their credit reports
on a frequent basis and address any discrepancies or errors that may exist. Reviewing
and managing credit is important for two reasons. First, if someone has stolen
your identity you will know because you will see inquiries and new debt on the
report. Second, because many creditors use credit reports to rate creditworthiness
and establish an interest rate, if it is correct you could save money on loans
and other types of credit.
If you find discrepancies in your report, keep these tips in mind when trying
to correct information in a credit report:
• It is common to receive mail, telemarketing pitches, and email from
credit repair businesses offering to help upgrade credit ratings, remove bad credit,
or even acquire a new Social Security number. These promises are aimed at getting
more money from those of us who can least afford it--people already in financial
trouble.
• Be cautious of companies that want you to pay for credit repair services
in advance or that recommend against contacting a credit bureau directly.
• Be wary of a company that suggests you try to invent a "new"
credit report by applying for an employer identification number to use instead
of your Social Security number.
• Understand that there are crimes related to credit repair. For example,
you can be charged and prosecuted for mail or wire fraud if you use the mail or
telephone to apply for credit and provide false information. It is a federal crime
to make false statements on a loan or credit application, to misrepresent your
Social Security number, or to obtain an employer identification number from the
Internal Revenue Service under false pretenses.
• No one can legally remove accurate and timely negative information
from a credit report.
Starting June 1, Floridians can get free reports online at www.annualcreditreport.com.
Floridians can also download the form to mail, or call toll-free 1-877-322-8228
to obtain free reports by mail. Floridians can also purchase the credit score
for a fee of $6.95 when requesting the free annual credit report.
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