If you've ever applied for a credit card, a personal loan, or insurance, there's a file about you. This file contains information on where you work and live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy.
Companies that gather and sell this information are called Credit Reporting Agencies. The most common type of credit reporting agency is the credit bureau. The information credit bureaus sell about you to creditors, employers, insurers, and other businesses is called a credit report.
The Fair Credit Reporting Act (FCRA)
The Fair Credit Reporting Act is designed to promote accuracy and ensure the privacy of information used in credit reports. Recent amendments to the Act expand your rights and place additional requirements on Credit Reporting Agencies. Businesses that supply information about you to credit bureaus and those that use credit reports also have new responsibilities under the law.
Here are some questions consumers commonly ask about credit reports and Credit Reporting Agencies.Q. How do I find the credit bureau that has my credit report?
A. Contact the Credit Reporting Agencies listed in the Yellow Pages under "credit" or "credit rating and reporting." Because more than one credit bureau may have a credit file on you, call each until you have located all the agencies maintaining your credit file. The three major credit bureaus are:Trans Union
PO Box 390, Springfield, PA 19064-0390 (800)
916-8800
Equifax
PO Box 740241, Atlanta, GA 30374-0241 (800) 685-1111
Experian
PO Box 949, Allen, TX 75013 (888) EXPERIAN (397-3742)
Q. Do I have a right to know what's in my credit report?
A. Yes, if you ask for it. The Credit Reporting Agencies must tell you everything in your report, including medical information, and in most cases, the sources of the information. The credit bureau also must give you a list of everyone who has requested your credit report within the past year—two years for employment related requests.
Q. Is there a charge for my report?
A. It depends. In general, there's no charge if a company takes adverse action against you, such as denying your application for credit, insurance or employment or if you certify in writing that you're unemployed and plan to look for a job within 60 days or you're on welfare, or your credit report is inaccurate because of fraud. Otherwise, you may get charged. (details)
(For detailed information on obtaining your credit report from a Credit Bureau, please go here!)
Even if you have not been denied credit, you may want to find out what information is in your credit report. Some financial advisors suggest that you review your credit report periodically for inaccuracies or omissions. This could be especially important if you're considering a major purchase, such as buying a home or a car. Checking in advance on the accuracy of the information in your credit report could speed the credit-granting process.
Q. What type of information do credit bureaus collect and sell?A. Credit Bureaus collect and sell four basic types of information. Identification and employment information Your name, birth date, Social Security number, employer, and spouse's name are routinely noted. The Credit Reporting Agencies also may provide information about your employment history, home ownership, income, and previous address, if a creditor requests this type of information.
Payment history
Your accounts with different creditors are listed, showing how much credit has been extended and whether you've paid on time. Related events, such as referral of an overdue account to a collection agency, may also be noted.Inquiries
Credit bureaus must maintain a record of all creditors who have asked for your credit history within the past year, and a record of those persons or businesses requesting your credit history for employment purposes for the past two years.
Public record information
Events that are a matter of public record, such as bankruptcies, foreclosures, or tax liens, may appear in your report