Your employer probably saw a copy before hiring you and
your landlord likely considered it before accepting you as
a tenant. Long distance telephone carriers and cell phone
companies even look at it before providing their services.
And you've never even seen your own credit report? In
fact, according to a recent study, less than 20% of all
Americans have ever seen their credit report. Most people
become concerned about their credit report only when they
are denied credit. By that time, it's usually too late.
You should take a look at your credit report at least once
every 2 years. This way, information is still accessible
and verifiable in the case that you may need to have it
corrected. You should also look at your credit report
before applying for any credit. This may help to avoid any
unwelcome surprises. Allowing you to look at exactly what
your loan manager will look at, can prepare you for any
questions.
If you've never had credit problems, you might think that
you need not be concerned. But according to a recent
government study, one out of every four credit reports
contain errors, one out of every six contain errors that
could cause denial of credit. Sometimes Credit reports are
accidentally combined, and people with similar names or
social security numbers actually share a credit report!
It's not at all uncommon for family members to have
overlapping data. Nor is it uncommon for a credit card or
loan company to accidentally list you as having missed a
payment.
Have you ever received a late notice or collection letter
on something that you already have paid? I'm sure you made
a phone call or two and straightened it out immediately.
But what about the monthly report to the credit bureau?
You can't help but wonder if the mistake got corrected on
that report. The only way to find out what is actually on
your credit report is to look at it for yourself. When you
do, you may be surprised to see that your credit record
looks quit different than you expected. The past and
present credit accounts that you expected to see, may not
be listed, and still other accounts that you did not expect
to see might be listed. This is not at all uncommon
because creditors are not required to report our account to
a credit bureau. They are free to report only the
information that they see fit.
This situation may provide for a pleasant surprise, if a
past loan that became delinquent doesn't show up on your
report. It may also provide a very unpleasant surprise, if
something you thought unimportant was reported. Like maybe
a non paid magazine subscription, or even worse, someone
else's delinquent account record. The only way to find out
what is on your report is to see a copy for yourself!
Here are some questions and answers that will help explain
what a credit report is and how to get one.
What does it mean to have good or bad credit?
Having good credit means that according to your past
creditors, your record (credit report) is clean. You made
payments, and paid off your past debts satisfactorily.
Having bad credit is just the opposite. Your record
(credit report) shows that you have not paid off your past
debts as agreed. This could mean late payments,
collections, non-pays etc... This information is held at
the "credit bureau", and is provided to those businesses
that request it.
What is the Fair Credit Reporting Act?
The Fair Credit Reporting Act is the federal law that
governs credit bureaus. The law was written to protect
consumers from the obvious power that credit bureaus can
have over their lives.
Do I have a right to know what my credit report says about
me?
Yes, the Fair Credit Reporting Act guarantees you that
right. This law also gives you the right to obtain a copy
of your report for free, with a letter of denial of credit,
if that denial of credit was due to information found on
your credit report.
What is on my credit report?
Your credit report contains information about your credit
card accounts, loans, charge accounts, and items of public
record such as bankruptcies, tax liens, and judgments. It
will list each account on record, who the account was with,
how much was borrowed, how much was paid, and how timely
the payments were made. It will also list any accounts sent
to collection agencies, accounts not paid in full, and
defaulted loans.
Who has access to my credit report?
According to the Fair Credit Reporting Act, anyone with a
"legitimate business need". However, in most cases the
report is only provided to credit grantors, employers or
prospective employers, landlords, and insurance
underwriters.
Are ALL of my accounts listed on my credit report?
Probably not. Businesses have a right (but not the
obligation) to report to any or all credit bureaus, at
their discretion. Your previous credit grantors might have
reported your credit experience to just one credit bureau,
all three large credit bureaus, or they might not have
reported it to any credit bureau. However, most large
credit grantors report to TRW, Transunion, or Equifax.
What will it cost me to get a copy of my credit report?
You can acquire a credit report from the credit reporting
agencies below for free. If you're located in the United
States and Canada, you can do this once a year. You also
may obtain a free copy of your report from any credit
bureau that provided information that caused you to be
turned down for credit.
For complete, up to date information how to receive a copy
of your credit report, you may contact the three largest
credit bureaus directly at:
TRW (800) 392-1122 Trans Union (714) 738-3800 Equifax
(800) 685-1111
This information is provided for informational purposes
only. The author assumes No liability. You should retain
professional legal or financial assistance if required.
Are you swimming in debt? If so, then visit the link below
now!
Copyright 2008 Joe Rispoli
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