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| Credit Report |
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If you've ever had credit, a credit bureau (also known as a credit reporting agency)
probably has your credit history. Credit bureaus collect and sell information regarding debt repayment to creditors,
insurance companies, and other. Credit bureaus don't decide whether you will get credit. They simply report how
you've handled your credit in the past.
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Bureaus can report information that is up to seven years old, except for bankruptcy information,
which can remain for up to ten years. In addition, they can report your lifetime credit history is it's
used to evaluate you for credit or life insurance valued at $150,000 or more, or for a job paying at least $75,000.
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Credit bureaus get most of their information from the same sources that ask for it: employers,
banks and finance companies, landlords, mortgage lenders, credit card companies, major stores, and court reports.
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Lenders and landlords use your credit history to assess your ability to repay, and sometimes employers look at it to make
a judgment on your client history. So a good or bad credit history can make all the difference in getting the loan you need,
an apartment you like, or the job you're counting on.
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Who can view your credit report?
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Creditors, insurance companies, some government landlords, employers, and you are allowed
to see your report. To request a copy of your report, contact one of the major three credit bureaus listed below.
Information may vary, so you might want to contact all three.
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If you have been denied credit, the creditor must tell you which credit bureau it used to get information about you.
If you act within 60 days, you can get a free copy of your credit report. You may also get a free copy if you are
unemployed and looking for work, receiving public assistance, or believe you've been a victim of financial identity
fraud. Otherwise, the credit bureau may charge a reasonable fee for supplying you with your report.
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What if there's a mistake?
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If you find a mistake in your credit report, notify the credit bureau right away.
Be sure to have your identifying information ready. Under law, the bureau must investigate your complaint.
It must also correct or remove any information that isn't accurate. If an error is found, the bureau must send
a revised report to anyone who asked about you in the last six months. At your request, the bureau must also
send a revised report to potential employers who have requested it within the last two years. If you disagree
with the bureau's conclusion, you have the right to include a brief explanation in your credit report.
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