Q: What Is a Credit Report?
A: A credit report is a record of your credit activities and lists your credit-card accounts or loans, their balances, and how regularly you make your payments. It also shows if any action has been taken against you because of unpaid bills.
Four Common Types of Information on Your Credit Report:
1. Identifying Information: Your full name, any known aliases, current and previous addresses, social security number, year of birth, current and past employers, and, if applicable, similar information about your spouse.
2. Credit Information: The accounts you have with banks, retailers, credit-card issuers, utility companies, and other lenders (accounts are listed by type of loan, such as mortgage, student loan, revolving credit, or installment loan; the date you opened the account; your credit limit or the loan amount; any co-signers of the loan; and your payment pattern over the past two years).
3. Public Record Information: State and county court records on bankruptcy, tax liens, or monetary judgments (some consumer reporting agencies list non-monetary judgments as well).
4. Recent Inquiries: The names of those who have obtained copies of your credit report within the past year (two years for employment purposes).
Q: How Long Does Information Stay on Your Credit Report?
A: Generally, all your credit history information, good or bad, remains on your credit report for seven years. If you file for personal bankruptcy, that fact remains on your credit report for 10 years.
Q: Who can access your Credit Report?
* Employers: may check your credit report to see how reliable you are before extending you an offer.
* Landlords: may check your credit report before letting you sign the lease.
* Lender: may check your credit report before offering loans that you would need to pay for a car.
* YOU: may check your credit report for free once a year.
Q: How do I order my free credit report?
A: The three nationwide consumer reporting companies have set up a central website, annualcreditreport.com, a toll-free telephone number, 1-877-322-8228 and a mailing address, Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281 through which you can order your free annual report.
To order, visit annualcreditreport.com, call 1-877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. The form is on the back of this brochure; or you can print it from ftc.gov/credit. Do not contact the three nationwide consumer-reporting companies individually. They are providing free annual credit reports only through annualcreditreport.com, 1-877322-8228, and Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. You may order your reports from each of the three nationwide consumer-reporting companies at the same time, or you can order your report from each company, one at a time. The law allows you to order one free copy of your report every 12 months from each of the nationwide consumer reporting companies.
Q: How long does it take to get my report after I order it?
A: If you request your report online at annualcreditreport.com, you should be able to access it immediately. If you order your report by calling toll-free 1-877-322-8228, your report will be processed and mailed to you within 15 days. If you order your report by mail using the Annual Credit Report Request Form, your request will be processed and mailed to you within 15 days of receipt.
Q: Why do I have access to free credit reports once a year from each consumer reporting company?
A: The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies – Equifax, Experian, and TransUnion – to provide you with a free copy of your credit report, at your request, once every 12 months. The FCRA promotes the accuracy and privacy of information in the files of the nation’s consumer reporting companies. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the FCRA with respect to consumer reporting companies.
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