Money U: Credit

Thursday, January 20, 2011

Deyanira Del Río, associate director of the Neighborhood Economic Development Advocacy Project, explores the basics of financial literacy and economic justice on Thursdays in January. This week: credit and credit reports.

Your assignment:  Get your free credit report from and call in or post your questions.


Deyanira Del Río

Comments [12]

Sheryl from North Brunswick, NJ

Thanks, Brian, for doing this piece! It was incredibly easy for me to do this research during my lunch break, and very informative. Thanks for the advice for checking all three sites-- makes sense.

Jan. 20 2011 01:47 PM
josephmuscarelle from

is this report free?

Jan. 20 2011 12:25 PM
Deyanira Del Rio from NYC

I want to highlight a few points that I didn't get to cover today, because of time constraints:

1 - NEDAP and groups around the state are opposed to the improper and potentially discriminatory use of credit reports by employers, and are looking at ways to address this in NYS. Several states have passed legislation restricting employers' use of this info in hiring and other employment decisions. Contact us for more info.

2 - NYC residents can call 311 to be referred to a NYC Financial Empowerment Center near them for free one-one-one financial counseling. In his State of the City speech yesterday, Mayor Bloomberg announced funding to expand these services.

3 - We encourage people to stay away from so-called "credit repair" agencies -- they can charge hundreds and sometimes thousands of dollars for basic services that you can do yourself for FREE or with help from a trusted nonprofit organization (see above).

See for more info.

Jan. 20 2011 11:54 AM
Duncan from Red Bank, NJ

Phoebe, The site says it is sponsored by the big three. That suggests that they farmed it out to another company, Central Source LLC, who gains the information submitted. This is subject to a privacy policy, which is chaged at awill by the company.

Jan. 20 2011 11:02 AM
Edward from NJ

To the caller who was told her credit score was "wrong" by a car dealer. They may well have just been trying to get you into a higher interest loan. I once had the interest rate on a car loan drop by 6% when I started to walk out on a deal.

Jan. 20 2011 11:00 AM
alfred Carpenter from brooklyn

why can,t i get a job just because of a bankruptcy.

Jan. 20 2011 11:00 AM
Matt from Park Slope

I was in CC and student loan debt. I have paid off the CC and am caught up on my student loans. How long will it take before those delinquencies are cleared off as long as I stay current. How can I work to improve my credit score?

Jan. 20 2011 10:57 AM
Paul from Ridgewood NJ/NYC

I have been scratching my head, like forever, about why one's payment history should have anything significant to do with one's ability to pay. This doesn't add up, does it? I'm sure it applies in some cases, but certainly not all.

Jan. 20 2011 10:55 AM
Phoebe from NJ

Duncan. The website listed is maintained by the big three, and is used to consolidate getting the information. However, be sure not to sign up for any of the ridiculous monthly-fee services they offe.r.

Jan. 20 2011 10:55 AM
s from NJ

I'm self employed, so I don't give away my SSN. I pay my 2 credit cards off every month, only owe a relatively small amount on my home and buy a car w/ cash when necessary.
I had an 820 last year. However, I'm in dispute with a car insurance co & refuse to pay. I think I'm in collections. I don't care. Will I need to wait 7 yrs?

Jan. 20 2011 10:55 AM
mary from fort greene

Employers looking at credit reports should be illegal. Many of us had a personal downturn in this recession. Instead of instilling fear in us, as the guest does when she plainly says that potential employers will look at our credit reports, how about sounding angry about that and suggesting ways to fight to change it.

Jan. 20 2011 10:53 AM
Duncan from Red Bank, NJ

Why go to a commercial site? They just gather information from you (DOB, Address, SSN) to sell and market. Under the law, you are entitled to reports directly form the big three credit companies.

Jan. 20 2011 10:50 AM

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