What You Should Know about Your Credit Report

A Credit Article Contributed by Sarah Stonesifer

What's in My Credit Report?

So, you've decided to get a copy of your credit report. Do you know what's in it? I'm sure you know that it lists loans or credit cards. But did you know that your credit report lists other things as well?

Many factors go into your credit report: information that identifies you, such as your name, current and previous addresses, social security number and marital status; credit lines, which includes store cards, auto loans, mortgages, and credit cards; collection accounts, which are accounts that have been sent to a collection agency; court records, such as bankruptcies, judgments, liens, and divorce; and any inquiries that have been made into your credit file.

How Do I Get My Credit Report?

Credit Report Agencies (CRAs) provide a way for us to have a look at our credit report. There are three major national credit bureaus (Equifax, Experian, and Trans Union) that you can get a report through online or by the phone. These bureaus can charge up to 10 dollars, but you have the right to know exactly what is on your report. If you are denied credit and request your report within 60 days, you can get your report free.

You are entitled to get one free credit report a year if (1) you're unemployed and plan to get a job in 60 days, (2) you receive welfare, or (3) your report is not accurate through fraud.

Who Can See My Credit Report?

With your permission, people who have a legitimate business need to see your report can: such as credit and insurance companies as well as prospective employers or landlords. Without your permission, no one is allowed to look at your report.

Your Rights and Cras Responsibilities

The CRAs-and the information providers-have responsibilities as described by The Fair Credit Reporting Act (FCRA).

If you find an inaccuracy in your report, contact the CRA in writing and the CRA as well as the information provider are required to go over it and determine its accuracy. Once the investigation is complete the CRA must give you the written results and a free credit report. If the disputed information is not changed, the CRA will (if asked) include your statement of the dispute in your file and in future reports. The information provider must include your dispute anytime they report to a CRA.

Plus, with some exceptions, negative information should only be on your report for seven years. The exceptions include: criminal convictions, bankruptcy, judgment information and others. Each exceptions has its own limit.

If you believe a CRA, a user, or a provider has broken the FCRA, you can sue. Though the Federal Trade Commission (FTC) can't be your lawyer, the information you provide in terms of your concerns and experience help to keep CRAs and others from breaking the law. Contact the FTC with your questions and complaints.

Who to Contact

CRAs:

Equifax

800-658-111

www.equifax.com

Experian

888-EXPERIAN(888-397-3742)

www.experian.com

Trans Union

800-916-8800

www.transunion.com

How to contact the FTC:

(Complaints)

Consumer Response Center-FCRA

Federal Trade Commission

Washington, DC 20580

or

1-877-FTC-HELP(1-877-382-4357)

TTY:1-866-653-4261

or visit www.ftc.gov