Credit Cards:
What is a Credit Report (and How Do I Get Mine)?
A credit report is a consumer
report that contains information about where you work and live and how you pay
your bills. It also may show whether you have been sued or arrested or have
filed for bankruptcy. Companies called consumer reporting agencies (CRAs) or
credit bureaus compile and sell your credit report to businesses. Because
businesses use this information to evaluate your applications for credit,
Insurance, employment, and other purposes, it is important that the information
in your report is complete and accurate.
Some financial advisors
suggest that you periodically review your credit report for inaccuracies or
omissions. This could be especially important if you are considering making a
major purchase, such as buying a home. Checking in advance on the accuracy of
information in your credit file could speed the credit-granting process.
Because more than one credit bureau may have a
file on you, some with different information, you may want to review a
comprehensive report including information from all three major national credit
bureaus, from a service such as
Consumer Info. If you prefer, you may contact each credit bureau directly to
obtain or purchase your report. Their websites are listed at the bottom of this
page. You may also call the CRAs listed in the Yellow Pages under "credit" or
"credit rating and reporting."
You may also consider using a
credit report monitoring service. These services monitor your credit records
at the major CRAs and inform you when there are any significant changes. You
should learn immediately if any problems arise, and many services even inform
you every time inquiries are made into your credit files.
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What should I look for
in my credit report?
Once you have obtained a copy of your
credit report from the three main credit reporting bureaus, look for
potential problem areas which could impact your over all credit score.
Look carefully for inaccurate information, such as late payments which may
be reported which are not correct. It is not uncommon for a creditor to
show a delinquent credit card payment, for example, when you are know you
have paid your bill on time. You should also check the public records
section of your report which will show any tax liens, bankruptcies or
default judgments which have been levied against you. Check the credit
card accounts listed in the report carefully to be sure there are not any
accounts which don't belong to you. If you find errors, you will want to
report them as soon as possible. You can learn more about disputing
incorrect information at
www.ftc.gov/credit. |
Important: If you have been denied credit,
Insurance, or employment because of information supplied by a CRA, the law says
that the company you applied to must give you the CRA’s name, address, and
telephone number. If you contact the agency for a copy of your report within 60
days of receiving a denial notice, the report is free. In addition, you are
entitled to one free copy of your report a year if you can prove that (1) you’re
unemployed and plan to look for a job within 60 days, (2) you’re on welfare, or
(3) your report is inaccurate because of fraud. If you live in Colorado,
Georgia, Maryland, Massachusetts, New Jersey or Vermont, State law requires CRAs
to provide you a free copy (two in Georgia) of your credit report each year upon
request. Otherwise, a CRA may charge you up to $8 for a copy of your report.
The three major CRAs are:
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
You may also purchase a comprehensive report
with information from all three major CRAs from
Consumer Info
Related Article:
What is
FICO and why is it important to raise my FICO score?
Next ==>>
How to Dispute Credit Report Errors
Table of Contents:
-
How to establish
credit
-
Types of Credit Card Accounts
-
Precautions for Choosing or
Using a Credit Card
-
When You Receive Your Card
- Your Rights and Protections
-
What is a Credit Report (and How Do I Get Mine)?
-
How to Dispute Credit Report Errors
-
Unauthorized Use of Your Account: (What to Do if Your Identity
is Stolen)
-
Help and Resources
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