Y2K and Credit Reports

Among the many details bank customers will be worrying about and banks should consider in regards to how the Year 2000 might play out is how credit reports could be affected. Consumers are being warned their credit records could suddenly become soiled by a small company who is not Year 2000-compliant and submits incorrect data.

Here is what Creditreport.com, the Internet site that offers merged credit reports from the three major credit bureaus, has to say about what consumers should do:
Order a merged report (available through its site for $28) or reports from all major credit bureaus before the end of the year.

Correct inaccuracies and keep reports in a file for future reference, along with receipts and statements for credit cards, banking, loans and other information that might appear on a credit report.

After the first of the year (at least a month, according to Creditreport.com), order another report and review it carefully. The file with the past reports and receipts/statements should help correct any problems quickly.

Copyright © 1999 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 9, No. 5, 6/99