What
Is a Credit Report? A credit report is a record of your
credit activities. It lists any credit-card accounts or loans
you may have, the balances, and how regularly you make your payments.
It also shows if any action has been taken against you because
of unpaid bills. A variety of reputable companies such as ConsumerInfo.com
will instantly give you a free copy of your credit report through
their websites.
Why
Should You Obtain a Copy of Your Credit Report? It's
important to see a copy of your credit report before you apply
for credit such as car loans, mortgages, or credit cards. Errors
in credit reports can be common. You can order your credit report
directly from any one of the three major credit bureaus: Experian,
Equifax and TransUnion.
What
Is a Credit Rating? Your credit rating is drawn from
your credit report, which outlines your borrowing, charging, and
repayment activities. A good rating helps you reach financial
goals; a poor rating limits your financial opportunities. It's
extremely important to protect your credit rating by making loan
and bill payments on time!
How
Do You Correct an Error on Your Credit Report?
Contact the consumer credit reporting agency immediately. The
company is then responsible for researching and changing or removing
incorrect data. This process may take as long as 45 days. At your
request, a corrected report will be sent to those parties that
you specify who have received your report within the past six
months, or employers who have received it within the last two
years.
What
if the Consumer Reporting Agency Stands by Its Report?
You have the right to present your side of the story in a brief
statement (100 words or less), which the credit bureau must attach
to your credit file. Your statement should be used to clarify
inaccuracies, not explain reasons for delinquency. Anyone requesting
a copy of your credit report would also automatically receive
your statement (or a summary of it), unless the credit bureau
decides that it is irrelevant or frivolous.
How
Long Does Information Stay on Your Credit Report?
Generally, all your credit history information, good or bad, remains
on your report for seven years. If you file for personal bankruptcy,
that fact remains on your credit report for 10 years.
How
Do You Get a Copy of Your Credit Report?
To contact
the three major credit bureaus:
Equifax
P.O. Box 105873
Atlanta, GA 30348
http://www.equifax.com
(800) 685-1111
Trans
Union
Consumer Disclosure Center
P.O. Box 1000
Chester, PA 19022
http://www.transunion.com
(800) 916-8800 or (800) 888-4213
Experian (formerly TRW)
P.O. Box 2104
Allen, TX 75013-2104
http://www.experian.com
(888) 397-3742
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