Credit Reports US
What is a Credit Report?
We regularly hear about them and realize they must be important but just what exactly is a credit report? A credit report is a file containing financial information on how you handle money. A credit report shows creditors where you live, what your occupation is and how you manage your finances eg, whether you pay your bills on time. If you have ever fallen foul of the law and been arrested, or filed for bankruptcy, your credit report will contain all the gory details.
More....Consumer Reporting Agencies
Credit reporting agencies also known as credit bureaus provide creditors, ie banks and credit card companies with your report on request. Whether you will be accepted for that loan or mortgage will largely depend on how the lender assesses the content of your credit report. For this reason, it is very important you obtain a copy of your file to check for any incomplete or erroneous entries.
The three main credit bureaus (details below) could all hold a credit report on you, so before making any loan or mortgage applications ensure you obtain a copy from each agency. Correcting any inaccurate entries before applying can prevent you being unnecessarily declined, which can damage your credit score.
Some consumers prefer to use a Credit Report Monitoring Service that will alert you to any significant changes made to your file. If you are concerned about identity theft, a credit monitoring company can offer some security and peace of mind. See Yellow Pages for listings.
Declined credit – your rights
Having been denied credit is a terrible feeling but something that can happen to the best of us. However, how you respond to the disappointment if important if you want to secure credit in the future. If you have been denied insurance, a mortgage or even a job opportunity because of your credit file, the business you applied to must disclose details of the credit bureau.
Not only should you been informed of the credit reporting agency’s name, address and telephone number but the law says you should receive a copy of your report within 60 days of receiving the denial.
The law also states you are entitled to one free copy of your credit report a year if you are:
- a) Unemployed,
b) On welfare, or
c) A victim of identity fraud.
For citizens living in Colorado, Georgia, Maryland, Massachusetts, New Jersey or Vermont, State law requires credit bureaus to provide you a free copy of your credit report each year upon request. Otherwise, a credit bureau may charge you up to $8 for a copy of your credit report.
Make yourself at home in our Forum and find out what everyone else in America thinks about credit reports. There is also our up-to-date News section for all the latest on personal finance. If you need help finding a provider or would like to review a company, please don’t go without checking out our A-Z directory.
Three major credit bureaus
Experian (formerly TRW)
P.O. Box 949
Allen, TX 75013
(800) 682-7654
Trans Union
760 West Sproul Road
P.O. Box 390
Springfield, PA 19064-0390
(800) 916-8800
Equifax
P.O. Box 740241
Atlanta, GA 30374-0241
(800) 685-1111
