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Credit

Why not use a credit card instead of checks or cash?
There’s nothing wrong with using a credit card, as long as it is you controlling the card and not the other way around. Credit cards are not the same as cash – you may have to pay annual fees and other charges to use them. With some, you could even be charged interest for the time period between your purchases and your payment – even if you pay your bill in full. Bank and retailers set the interest and finance charges. Charges and fees vary, so pay careful attention to interest rates, fees, and policies regarding how those fees are calculated.

What should I do if I lose a credit card?
Report the loss or theft immediately to the bank or company that issued the credit card. Ifcredit card you report the loss promptly, you will not be held responsible for more than $50 of unauthorized charges on the card. See NRS 97A.150, citing therein 11 U.S.C. §1643.

What is a credit report?
A credit report is a summary of your debts and a history of how promptly you have paid your bills, your credit worthiness, credit standing and credit capacity. The information comes from the companies where you have credit accounts and from public court records. It is collected and stored by companies, often called credit bureaus, which make the information available to creditors whenever you apply for a loan or credit card or make a purchase on time payments. See N.R.S. 598C.060.

Under a new federal law, you have the right to one free credit report every 12 months from each of three major credit-reporting agencies. Check your reports for inaccurate data that could hurt your ability to get credit or a loan. Also, incorrect information can be a red flag that someone is using your identity to get credit without your knowledge. (For information on ordering credit reports, see Top 10 Tips for Identity Theft Prevention.)

How long does it take to fix bad credit?
It depends on the seriousness of your past problems. The files could go back seven years or 10 years; however, the reporting agency shall purge and not disclose bankruptcies older than 10 years or civil judgments, criminal proceedings or other adverse information older than 7 years, unless provided by a specific statute. See N.R.S. 598C.150. You may obtain your file to review what has been collected from your credit history. See N.R.S. 598C.130. If adverse action is taken against a consumer based on a consumer report from a reporting agency, the consumer must be notified of the adverse action, the name of the reporting agency and informed of the right to obtain a copy of the consumer report from the reporting agency. See N.R.S. 598C.170. If a credit report contains mistakes, you have the right to ask for corrections. Remember, the request must be in writing See N.R.S. 598C.160.

 
This guide is an introduction to narrow topics of Nevada law. Keep in mind that federal, state and local laws are constantly subject to change. If you have a legal question or problem, you should consult an attorney.