Resources
10 Things
City of Chicago
Department of Business Affairs
and Consumer Protection
www.cityofchicago.org/bacp
312-742-7777 Consumer Fraud Hotline
To file a complaint call 311
To get a Free Credit Report
www.annualcreditreport.com
1-877-322-8228
Nationwide Consumer Credit Reporting
Companies:
Equifax: www.equifax.com
Experian: www.experian.com
Trans Union: www.transunion.com
Illinois Secretary of State
Index Department
217-782-7017
www.cityofchicago.org/bacp
Every Consumer Should Know
About Credit
Federal Trade Commission
www.ftc.gov/credit
1-877-FTC-HELP (1-877-382-4357)
TTY:1-866-653-4261
Better Business Bureau
www.chicago.bbb.org
1-312-832-0500
Illinois State Attorney General
www.ag.state.il.us
1-800-386-5438
TTY: 1-800-964-3013
City of Chicago
Richard M. Daley, Mayor
Money Management International (MMI)
Consumer Credit Counseling Service (CCCS)
www.moneymanagment.org Department of Business Affairs
and Consumer Protection
Norma I. Reyes, Commissioner
www.cityofchicago.org/bacp
 10 Things to know about Credit
This booklet will help you understand
your rights when it comes to your
credit and how to avoid becoming a
victim of fraud.
1 What is credit?
 redit is money that a lender gives to a borrower on con-
C • Close any accounts that you know or believe have been
dition of repayment over a certain time period. People
obtain credit through various forms such as credit cards,
mortgages, or car loans. There are many benefits to build-
ing a good credit history and obtaining low cost lines of
credit. Bad credit can happen to anybody, and unfortu-
nately, there are those who try to take advantage of people
in need of credit, or in need of repairing damaged credit.
2 Your credit report
Your credit report may contain information about where
you live, how and when you pay your bills, and wheth-
er you’ve been sued, arrested or filed for bankruptcy.
Businesses may use this information to evaluate your
applications for credit. Consumers are entitled to a free
credit report, when requested, every twelve months, from
each of the nationwide consumer credit reporting com-
panies: Equifax, Experian and Trans Union. To request
your free credit report visit www.annualcreditreport.com
or call toll-free at 1-877-322-8228.
3 Dealing with bad credit

Bad credit takes time to repair, but some
credit repair companies will make claims that they can
erase your bad credit, or give you a new credit identity.
Consumers should beware of these claims because they
are typical signs of a scam. The truth is that only the
passage of time can repair credit. Legitimate credit repair
companies typically will not make these claims. Repair-
ing your credit is attainable, but there are no quick fixes.
With a conscious effort and sticking to a personal debt
repayment plan, a credit report can be repaired. In most
cases, negative items are erased from a consumer’s credit
history after 7 years, and 10 years for Chapter 11 bank-
ruptcies.
www.cityofchicago.org/bacp
4 K
 now the signs of a credit
repair scam
Beware of companies that:
• Claim they can rid you of your negative credit infor-
mation, even though it is accurate.
• Recommend that you do not contact any of the three
major nationwide credit reporting companies directly,
or advise you to dispute all the information in your
credit report, even though it is accurate.
• Suggest you create a new credit identity by applying
for an Employer Identification Number (EIN) to use in
place of your Social Security Number.
7 Disputing inaccurate information
 immediately. By law, once you have reported the loss
TIP: Credit repair companies must register with the Illinois
Secretary of State before conducting business. Charging up-front
fees before any services are performed is not allowed without filing
a bond with the Illinois Secretary of State. Only a few, regulated
professions can charge up-front fees such as banks, lawyers,
mortgage or real estate brokers. To check if a company is registered
and bonded call the Secretary of State at 217-782-7017.
Do’s and Don’ts
 
5 Credit repair companies are re-
quired to provide the following:
• A written contract outlining your rights and obligations,
payment terms, a description of the services the company
will perform, guarantees, and how long it will take to
achieve the result.
• A copy of the “Consumer Credit File Rights Under State
and Federal Law” before you sign a contract.
• A notice of cancellation that you may use to cancel a
contract within three business days.
6 What credit repair companies
 
cannot do:
• Make false claims about their services, such as telling
you that they can remove accurate bad credit from your
credit report.
• Perform any services until they have your signature on a
written contract.
• Charge up-front fees without the State-required bond.
on your credit report
I f you question the accuracy of your credit report, you
can dispute it with the consumer credit reporting com-
pany and the information provider at no cost. Both are
obligated to investigate your claim and are responsible for
correcting inaccurate or incomplete information. Be sure
to submit your disputes in writing and provide copies of
any documents that support your position. The consumer
reporting company must investigate and give you results
in writing within 30 days.
8 Dealing with debt collectors
I f you fall behind in repaying your creditors, or an error is
made on your accounts, you may be contacted by a debt
collector. Debt collectors have to treat you fairly, and are
prohibited from certain methods of debt collection.
• You can stop a debt collector from contacting you by
writing a letter telling them to stop. Sending a letter
does not erase the debt; however, once the collector
receives your letter, they may not contact you unless the
creditor intends to take legal action against you.
• Debt collectors may not harass, oppress or abuse you or
any third parties they contact. Debt collectors may not
use threats, violence, obscene or profane language, or
repeatedly telephone to annoy you.
• Debt collectors may not state that you will be arrested
if you do not pay your debt.
• If a debt collector uses any of the above tactics,
you should file a complaint with the Federal Trade
Commission
Report fraud by calling 311
www.cityofchicago.org/bacp
9 Protect yourself from

identity theft
I dentity theft is a serious crime and can destroy your
credit. There are no guarantees to avoid identity theft
but there are steps you can take to prevent it:
• Obtain a copy of your credit report on a regular basis.
• Shred any paperwork with your personal information
on it.
compromised and place a free 90-day fraud alert on
your credit report by calling 1-888-397-3742.
• Report any lost or stolen checkbooks or credit cards
or theft, you have no further obligation for unauthor-
ized charges. Debit cards do not have such protection
as they can only be compromised if someone has your
PIN or authorization code.
• File a police report and get a copy of it, or at a
minimum the number of the report. This will help you
deal with the creditors who need proof of the crime.
• File a complaint with the Federal Trade Commission
by dialing 1-877-IDTHEFT. This helps law enforce-
ment officials track down identity thieves and stop
them.
10 Seek reputable credit

counseling assistance
 reputable credit counseling organization can advise
A
you on managing your money and debt and help you
develop a budget. Also, many banks, credit unions, and
savings and loan institutions offer free educational ma-
terials in the areas of consumer credit, money and debt
management. You can also find information about con-
sumer credit and your rights from several government
agencies, such as the Chicago Department of Business
Affairs and Consumer Protection. www.cityofchi-
cago.org/bacp. The Federal Trade Commission of-
fers information on improving your credit and finding
legitimate resources for low or no cost help by visiting
www.ftc.gov/credit.
 10 Things to know about Credit
This booklet will help you understand
your rights when it comes to your
credit and how to avoid becoming a
victim of fraud.
1 What is credit?
 redit is money that a lender gives to a borrower on con-
C • Close any accounts that you know or believe have been
dition of repayment over a certain time period. People
obtain credit through various forms such as credit cards,
mortgages, or car loans. There are many benefits to build-
ing a good credit history and obtaining low cost lines of
credit. Bad credit can happen to anybody, and unfortu-
nately, there are those who try to take advantage of people
in need of credit, or in need of repairing damaged credit.
2 Your credit report
Your credit report may contain information about where
you live, how and when you pay your bills, and wheth-
er you’ve been sued, arrested or filed for bankruptcy.
Businesses may use this information to evaluate your
applications for credit. Consumers are entitled to a free
credit report, when requested, every twelve months, from
each of the nationwide consumer credit reporting com-
panies: Equifax, Experian and Trans Union. To request
your free credit report visit www.annualcreditreport.com
or call toll-free at 1-877-322-8228.
3 Dealing with bad credit

Bad credit takes time to repair, but some
credit repair companies will make claims that they can
erase your bad credit, or give you a new credit identity.
Consumers should beware of these claims because they
are typical signs of a scam. The truth is that only the
passage of time can repair credit. Legitimate credit repair
companies typically will not make these claims. Repair-
ing your credit is attainable, but there are no quick fixes.
With a conscious effort and sticking to a personal debt
repayment plan, a credit report can be repaired. In most
cases, negative items are erased from a consumer’s credit
history after 7 years, and 10 years for Chapter 11 bank-
ruptcies.
www.cityofchicago.org/bacp
4 K
 now the signs of a credit
repair scam
Beware of companies that:
• Claims they can rid you of your negative credit infor-
mation, even though it is accurate.
• Recommend that you do not contact any of the three
major nationwide credit reporting companies directly,
or advise you to dispute all the information in your
credit report, even though it is accurate.
• Suggest you create a new credit identity by applying
for an Employer Identification Number (EIN) to use in
place of your Social Security Number.
7 Disputing inaccurate information
 immediately. By law, once you have reported the loss
TIP: Credit repair companies must register with the Illinois
Secretary of State before conducting business. Charging up-front
fees before any services are performed is not allowed without filing
a bond with the Illinois Secretary of State. Only a few, regulated
professions can charge up-front fees such as banks, lawyers,
mortgage or real estate brokers. To check if a company is registered
and bonded call the Secretary of State at 217-782-7017.
Do’s and Don’ts
 
5 Credit repair companies are re-
quired to provide the following:
• A written contract outlining your rights and obligations,
payment terms, a description of the services the company
will perform, guarantees, and how long it will take to
achieve the result.
• A copy of the “Consumer Credit File Rights Under State
and Federal Law” before you sign a contract.
• A notice of cancellation that you may use to cancel a
contract within three business days.
6 What credit repair companies
 
cannot do:
• Make false claims about their services, such as telling
you that they can remove accurate bad credit from your
credit report.
• Perform any services until they have your signature on a
written contract.
• Charge up-front fees without the State-required bond.
on your credit report
I f you question the accuracy of your credit report, you
can dispute it with the consumer credit reporting com-
pany and the information provider at no cost. Both are
obligated to investigate your claim and are responsible for
correcting inaccurate or incomplete information. Be sure
to submit your disputes in writing and provide copies of
any documents that support your position. The consumer
reporting company must investigate and give you results
in writing within 30 days.
8 Dealing with debt collectors
I f you fall behind in repaying your creditors, or an error is
made on your accounts, you may be contacted by a debt
collector. Debt collectors have to treat you fairly, and are
prohibited from certain methods of debt collection.
• You can stop a debt collector from contacting you by
writing a letter telling them to stop. Sending a letter
does not erase the debt; however, once the collector
receives your letter, they may not contact you unless the
creditor intends to take legal action against you.
• Debt collectors may not harass, oppress or abuse you or
any third parties they contact. Debt collectors may not
use threats, violence, obscene or profane language, or
repeatedly telephone to annoy you.
• Debt collectors may not state that you will be arrested
if you do not pay your debt.
• If a debt collector uses any of the above tactics,
you should file a complaint with the Federal Trade
Commission
Report fraud by calling 311
www.cityofchicago.org/bacp
9 Protect yourself from

identity theft
I dentity theft is a serious crime and can destroy your
credit. There are no guarantees to avoid identity theft
but there are steps you can take to prevent it:
• Obtain a copy of your credit report on a regular basis.
• Shred any paperwork with your personal information
on it.
compromised and place a free 90-day fraud alert on
your credit report by calling 1-888-397-3742.
• Report any lost or stolen checkbooks or credit cards
or theft, you have no further obligation for unauthor-
ized charges. Debit cards do not have such protection
as they can only be compromised if someone has your
PIN or authorization code.
• File a police report and get a copy of it, or at a
minimum the number of the report. This will help you
deal with the creditors who need proof of the crime.
• File a complaint with the Federal Trade Commission
by dialing 1-877-IDTHEFT. This helps law enforce-
ment officials track down identity thieves and stop
them.
10 Seek reputable credit

counseling assistance
 reputable credit counseling organization can advise
A
you on managing your money and debt and help you
develop a budget. Also, many banks, credit unions, and
savings and loan institutions offer free educational ma-
terials in the areas of consumer credit, money and debt
management. You can also find information about con-
sumer credit and your rights from several government
agencies, such as the Chicago Department of Business
Affairs and Consumer Protection. www.cityofchi-
cago.org/bacp. The Federal Trade Commission of-
fers information on improving your credit and finding
legitimate resources for low or no cost help by visiting
www.ftc.gov/credit.
 Resources
City of Chicago
Department of Business Affairs
and Consumer Protection
www.cityofchicago.org/bacp
312-742-7777 Consumer Fraud Hotline
To file a complaint call 311
To get a Free Credit Report
www.annualcreditreport.com
1-877-322-8228
Nationwide Consumer Credit Reporting
Companies:
Equifax: www.equifax.com
Experian: www.experian.com
Trans Union: www.transunion.com
Illinois Secretary of State
Index Department
217-782-7017
www.cityofchicago.org/bacp
10 Things
Every Consumer Should Know
About Credit
Federal Trade Commission
www.ftc.gov/credit
1-877-FTC-HELP (1-877-382-4357)
TTY:1-866-653-4261
Better Business Bureau
www.chicago.bbb.org
1-312-832-0500
Illinois State Attorney General
www.ag.state.il.us
1-800-386-5438
TTY: 1-800-964-3013
City of Chicago
Richard M. Daley, Mayor
Money Management International (MMI)
Consumer Credit Counseling Service (CCCS)
www.moneymanagment.org Department of Business Affairs
and Consumer Protection
Norma I. Reyes, Commissioner
www.cityofchicago.org/bacp