What is actually in a credit report?
You can expect your credit report to show this information for each credit account:
• Name of creditor
• The type of account
• Terms
• Amount of the original debt or credit limit
• Balance outstanding on the most recent report
• Whether payments were made late during the reporting period.
Credit reports are seldom complete. Some card issuers don’t report to credit bureaus out of respect for customers privacy. Many gas credit cards report only delinquent accounts.
Most credit grantors are primarily interested in the last 12- or 24-month reporting period. Many credit bureaus routinely delete older information from their files. However, a bankruptcy can stay on a credit record for up to 10 years and debts that a creditor writes-off as “uncollectible’ can remain for seven years.
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What is a credit report fee?
When you apply for a loan, the lender may charge you a credit report fee. This is the lender’s cost of obtaining your credit report. The fee generally ranges from $25 to $50.
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What is an investigative credit report?
An investigative credit report is a report that goes far beyond your simple bill-paying history. Under federal law, a credit bureau that is asked to conduct an investigative credit report has the right to interview your neighbors, friends, associates or any other acquaintance who may have knowledge about your character, general reputation, personal characteristics or mode of living. However, the credit bureau must inform you in writing that it will be conducting such an investigation.
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What is a non-investigative credit report?
Most credit reports are non-investigative and only show information that subscribers provide to the bureau. An investigative report is much more thorough — the investigator may interview your friends and business associates and get personal information.
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How can I find out what my credit report says?
To see what your credit report says about you, go to the credit Report service on MSN Money. Or, contact the three main national credit reporting agencies:
• Equifax, (800) 685-1111.
• Experian, (888) 397-3742.
• Trans Union, (800) 916-8800.
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What are the ‘Big Three’ credit bureaus, and how can I reach them?
The nation’s three largest credit-reporting bureaus are Experian, Equufax Credit Information Services and Trans Union Corp.
Visit their Web sites:
• Experian
• Equifax
• Trans Union
Or contact them at:
• Experian, 475 Anton Blvd., Costa Mesa, Calif., 92626; (888) EXPERIAN (397-3742).
• Equifax, P.O. Box 740241, Atlanta, GA 30374; (800) 997-2493.
• Trans Union, P.O. Box 403, Chester, PA 19064; (800) 916-8800.
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Do credit bureaus decide whether I should get credit?
Credit bureaus only report your credit information -- they don’t decidee whether you get credit. Only the company that orders the credit report can do that. Credit bureaus collect information from banks and other creditors, store it in a database, and provide the information when you apply for a new credit card or loan. The credit bureau doesn’t even track the decision a potential creditor makes.
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How can I add favorable information to my credit report?
If you’re trying to build a good credit history, don’t forget to take credit where credit is due. The Fair Credit Report Act allows you to add information to your report when the absence of any information could lead to the denial of requested credit They may charge a small fee. If your credit history has little to show your creditworthiness yet, consider adding unreported repaid debts, utility payments, and rent payments. Send a certified letter to the bureau asking that it contact the creditor and ask for approval to list the account.
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How do I correct an error in my credit report?
If you get a copy of your credit report and find an error in it, call or write the credit bureau to correct the mistake. The procedures are usually explained in a letter that accompanies the report or appear on the report itself. Once it receives your complaint, the credit bureau will check with the creditor who reported the information. If the creditor realizes that it made a mistake, the error is removed from your record and the credit bureau sends you a letter verifying its removal. But If the creditor still disagrees with your version of the facts, you have the right to add a 100-word statement to your credit file that tells your side of the story. Two of the three major credit bureaus make it fairly easy to dispute an entry in your credit report by calling a toll-free telephone number. The third, Trans Union makes you jump through a few hoops before they’ll talk to you by phone. None of the three is equipped to handle e-mail complaints, as yet. Equifax: Call (888) 909-7304. Experian: Call (888) 397-3742. TransUnion: You first have to contact the office listed at the bottom of your credit report by mail. Only then will TransUnion acknowledge receipt of your dispute and provide a toll-free number.
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Are credit repair services a scam, or can they really get "black marks" off my credit report?
Companies that operate so-called credit repair clinics and promise to clean up your credit report are often rip-offs. Fortunately, you don’t need their services -- they can’t do anything that you can’t do yourself. Save the money and take care of your credit problems yourself.
If you find inaccurate negative information on your credit report, you can have it removed for free by contacting the credit bureau yourself. If the black marks on your credit file are there for a good reason, you can’t get them removed and neither can anyone else. Federal law requires some negative information to remain on your credit record for as long as 10 years. So, unless the credit repair service has the power to change federal law, it really can’t help you.
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What's the first clue that someone may be trying to steal my identity?
Your first due may be a letter or call from a collection agency or store, wanting payment for goods you’ve never heard of. To prevent that scenario, keep an eye on your credit history. You can do this with a monitoring service, such as privacyGuard. They can notify you whenever someone applies for credit in your name or checks your credit history, so you can see if the activity is legitimate.
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How can I stop an identity thief and get my good credit back?
• First, report the identity theft to local law enforcement authorities, including the police, postal inspectors, and the Secret
Service. Identity theft is a federal crime.
• Next, send a copy of the police report or other documentation to all banks and companies where your name has been used
fraudulently.
• Contact the fraud departments of the three major credit bureaus to get copies of your credit report and to have fraud flags
and statements added to your reports. The reports are usually issued for free if you have been the victim of credit fraud.
The three bureaus are:
• Equifax, (800) 685-1111.
• Experian, (888) 397-3742.
• Trans UniOn, (800) 916-8800.
Request that each bureau have fraud flags and statements added to your reports saying that all potential creditors should contact you to verify applications for new credit Ask the bureaus to clear the fraudulent accounts off your record. If all else fails, contact a lawyer. He may be able to get credit agencies or stores to pay more attention to your case.
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Should I notify credit bureaus if I get a divorce?
Absolutely. If you get a divorce, you should immediately notify credit-reporting agencies of your new address and specify that your accounts and your ex-spouse’s accounts should be reported on separately. You don’t want your ex-spouse’s activities on your credit report.
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