If you pay your bills on time in Maryland, a positive credit rating is the natural result. But if you have a history of paying bills late, that fact can legally harm your credit rating for seven years, according to the website of the Maryland attorney general. Because credit reports play such a huge role in whether you can get loans, credit cards, great car insurance rates, apartment leases and even some jobs, it's important for you to know about Maryland credit laws.
Free Annual Credit Reports
Since 2005, Maryland residents have enjoyed the right to view one free copy of their credit reports each year. Because as many as half of all credit reports issued in the U.S. contain errors, it is vital for state residents to take advantage of this opportunity. People who are denied credit can also request additional free reports.
Security Freeze
If you don't want businesses viewing your credit report without your direct consent, then place a security freeze on your credit reports. Maryland state laws passed in 2008 bar credit reporting agencies from charging more than $5 to place a security freeze on a credit report. Once the freeze is issued, potential lenders cannot view your credit report without verifying your identity; this freeze can be particularly helpful to victims of identity theft.
Identity Theft Rights
If someone stole your identity, do not pay any portion of the fraudulent bills and immediately contact the police, according to the website of the Maryland attorney general. People committing identity theft in Maryland can suffer legal consequences, including up to five years imprisonment, $25,000 in court fines and full financial restitution paid to the victim. If your state driver's license number was used fraudulently so an identity thief could write bad checks in your name, you can demand that the Maryland Motor Vehicle Administration issue you a new number and place a fraud alert onto your license. State laws also enable you to demand that all credit reporting agencies place a fraud alert onto your files.
General Dispute Rights
Sometimes false entries appear on credit reports that aren't the result of identity theft. But Maryland residents still have a number of federal and state legal rights in such circumstances. If you suspect a computer error caused the incorrect credit information or that your accounts have been mixed up with a relative's, you should immediately write the reporting credit bureaus and demand an immediate investigation. If the credit reporting agency fails to promptly or properly investigate legitimate disputes, then contact a qualified attorney or Maryland legal aid office for assistance.
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