A CCJ (Certificate of Compliance) statement is an affirmation that the applicant has followed the rules and regulations set forth by Fair Credit Reporting Act (FCRA) regarding their credit reports. It is used to show compliance with the FCRA and other relevant federal, state and local laws. It is important to obtain a copy of a person's CCJ statement even if they do not have a negative credit history. There may be issues that would call for a re-examination of the CCJ. A copy of a CCJ statement will help the credit reporting agency (OCR) determine if the account is in need of additional review.
A credit report is a document from one or more credit reporting agencies that indicate how an individual or entity handles their outstanding accounts. The credit report shows current information about an individual's credit history, including how many credit accounts are currently in effect and how much debt is owed on those accounts. Information from a credit report can affect the decision a business makes about hiring a consultant. An employer wants to know if the candidate will be trustworthy enough to handle their finances and credit. If an individual's credit score is less than stellar, they may not be considered a suitable candidate for a high profile job.
A credit statement is issued once a year and it informs the individual that they have not complied with all of the terms and conditions regarding their account. It is an affirmation that the individual has followed the law and made all of the payments as agreed. The statement also shows the dates, the account was opened and closed. The statement states whether the collection was initiated from an authorized credit source and if so, the date and type of collection, the amount of money recovered and the contact details of the collection agent.
Obtaining a free statement every 12 months is advisable as opposed to obtaining a statement at the start of a credit situation. An individual can request the statement at any time. In most cases, an individual will receive two statements; one in the beginning of the year and one after the close of the business year. Some companies offer an additional statement at the end of the year. Businesses should request a statement, even if their financial condition has changed dramatically. A few companies choose to issue a statement after six months.
The CC statement must always be sent electronically. The CC report does not need to be mailed in but the electronic transfer must be sent to the credit reporting bureau directly. The credit reporting agencies are authorized by the Fair Credit Reporting Act to provide the individual with a copy of their credit report once every twelve months. The Fair Credit Reporting Act states that these agencies must provide the individual with a free copy of their credit report once each calendar year.
Inaccurate information on an individual's credit history can result in serious problems. The FCRA regulations outline guidelines that must be followed when sending the statement. Most businesses that receive a statement expect the individual to sign the document if they accept the invitation to receive a copy of their credit history. The individual must also sign the statement if they decline the invitation to obtain a copy of their statement.
Once the CC statement is received by the company must send the statement in a separate letter. To prevent confusion between the CC statement and a credit report the company may use a different name for the two documents. The individual may also be asked to send an address register and a copy of their ID. It is important that the individual respond promptly to the company requesting the information. Failing to respond within thirty days of the company's request will result in the company legally releasing the personal information without obtaining permission from the person.
Many businesses prefer to obtain their credit reports from one of the three major credit reporting agencies. Experian, Equifax, and Trans Union all offer different methods of receiving credit reports. An individual may access their reports at any time from the comfort of their own home. In addition to reviewing their credit score online they can obtain a detailed report that provides many detailed accountabilities such as inquiries that have been made on their credit history. These accounts may include new credit cards and loans as well as old debts.
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