Credit Reporting

Consumer Credit Reports

July 19, 2013

Many consumers are taking an active role in educating themselves on the importance of their credit history.  Not only is a credit report used to determine creditworthiness, it also can be used as a ‘character yardstick’ which can impact employment opportunities, insurance rates, and interest rates on loans.

Free Annual Credit Reports
Consumers may obtain free annual credit reports from www.AnnualCreditReport.com. This site allows consumers to review and print their Equifax®, Experian™, and TransUnion® credit reports.

Reporting Responsibility
We have a responsibility to report accurate information to the consumer credit reporting agencies, and take this responsibility seriously. However, if consumers find information they feel is inaccurate regarding their First PREMIER Bank credit card account, they should:

  1. Dispute the information directly with the consumer reporting agencies.
    OR
  2. Write us a letter detailing the information they feel is inaccurate. Consumers should be sure to include the following items so all information can be thoroughly researched:
    • Name and account number.
    • The specific information being disputed and an explanation for the basis of the dispute.
    • All supporting documentation or other information reasonably required to substantiate the basis of the dispute.

Information can be mailed to:

First PREMIER Bank
PO Box 5524
Sioux Falls, SD 57117-5524

Customers can be confident in knowing that their specific credit reporting dispute is individually reviewed.

Fair Credit Reporting Act
We are dedicated to fulfilling our obligation under the Fair Credit Reporting Act (FCRA), to report accurate information. If inaccuracies are identified, updated information is promptly sent to the consumer reporting agencies.

The Fair Credit Reporting Act, (the “FCRA”), 15 USC § 1681(a)(1) states, “The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system.

 

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