Credit Report FAQs
Have questions about your credit report? Wondering how Credit Record
Laws work? You’re not alone. Here are some of the most frequently
asked questions we get on your credit record rights, and the answers.
Click on the Credit Report FAQs below for more information:
How To Get Your Free Credit Report: the Idea
The Fair Credit Reporting Act requires the three National Consumer Credit
Reporting companies to (Equifax, Experian, and TransUunion) to provide
you with a free credit report on yourself at least once every 12 months,
but only if you ask for it.
The idea behind the Fair Credit Reporting Act is to give you a chance
to make sure that your credit report is accurate and to keep your information
private in the files of the National Consumer Credit Reporting Company.
Your credit report includes information that describes where you live,
how you pay your bills, whether or not you have ever been arrested or
filed for bankruptcy, and if you have been sued, among other things.
The three National Consumer Credit Reporting companies keep all that
information in computers and sell that information to creditors, employers,
insurance companies, and other businesses that have a legitimate need
for it in order to evaluate your application for credit or employment
or insurance, and similar legitimate purposes.
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Getting Your Free Credit Report: the Process
The three National Consumer Credit Reporting companies have set up a
web site and a toll-free telephone number and a mailing address for you
to ask for your free annual report.
To request your free online consumer credit report, click here.
To request your free consumer credit report by telephone, call the toll-free
telephone number: 1.877.322.8228
To request your free consumer report by mail, fill out the annual credit
report request form (click here to obtained a copy you can print) and
mail it to:
Annual Credit Report Request Service,
PO Box 105281
Atlanta, GA 30348-528
Do not contact the three National Consumer Credit Reporting companies
directly. Your free credit report can only be obtained by the online
request, telephone number, or mailing address provided.
You are entitled one free copy of your consumer credit report from each
of the three national consumer credit reporting companies only once every
12 months.
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Warning: Watch Out for Fake Free Credit Report Web Sites
Believe it or not,"fake” so-called “free credit report" web
sites exist on the internet, but they actually charge you. Any website
you go to for a "free credit report" which asks you for credit
card information, is not free at all. Be careful.
Also, "free credit monitoring" and "free credit
score" web sites are not part of the free annual consumer credit
reports that are required by law. All of these kinds of web sites
have some sort of string attached to the "free" information
they say they will give you. Often it will be one month of free
service which then results in monthly charges. If you fail to cancel
during the trial period, you could end up seeing your credit card charged
every single month for something you may not need and may not want.
Remember: "fake" web sites that ask for credit card information
are just that -- fake.
Another clue that you are on "fake" free annual credit
report website, is if you get an email about it or a telephone call about
it or a pop-up add on the web site. None of those things are done
by the legitimate National Consumer Reporting companies. Anything
like that is probably a ripoff.
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How to Get a Free Credit Report If You Have Been Turned Down
for Credit.
Under the Fair Credit Reporting Act, you are entitled to a free copy
of your consumer credit report if a business takes "adverse action
against you" concerning credit, employment, or insurance or similar
circumstances, as long as you ask for a copy of your free credit report
within 60 days.
Usually the "credit turned down" notice will tell you the name,
address, and telephone number of the consumer credit reporting company
that they obtained the negative information from. You can then contact
the company directly to get a copy of your credit report to see what was
on it which caused your credit request to be denied.
You are also entitled to one free credit report each year if you are
unemployed and you plan to look for a job within 60 days of your request
for a copy of your free credit report. If you are on welfare or
if you are the victim of identity theft, you can also get a free credit
report.
If you do not qualify to get a free consumer credit report, then the
consumer reporting company can charge you a reasonable and modest cost
for another copy of your credit report if you obtained one within the
last year.
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How to Buy a Copy of Your Credit Report
To purchase a copy of your consumer credit report, you can telephone
or make a request online.
Contact Equifax by toll-free telephone 1.800.685.1111 or online by clicking
here: www.equifax.com.
You can contact Experian by calling the toll-free 888.397.3742 or online
by clicking here: www.experian.com.
You can contact TransUnion by toll-free telephone 800.916.8800 or online
by clicking here: www.transunion.com
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What Can I do If I Find Mistakes on My Credit Report?
Get them corrected.
Under the Fair Credit Reporting Act, any company that provides incorrect
information to a consumer reporting company, and the consumer reporting
company itself, are responsible to fix any information that is not correct
on your consumer credit report. However, it is up to you to figure
out what is not correct and to request that it be corrected.
Send a letter to the consumer reporting company which tells him exactly
what information you think is inaccurate and why you believe it is inaccurate. Send
the letter by certified mail, return receipt, so that you can prove that
they received it and also exactly when they received it.
When a letter like that is received by the consumer credit reporting
company, they are required by the Fair Credit Reporting Act to investigate
within 30 days and report back to you whether or not they have learned
that the credit information provider claims it is true or not or if they
are going to remove it from your credit record. If they fail to
do that, then the credit reporting company can be liable to you and can
legally be required to pay you money even if you have not been harmed
at all.
When the consumer credit reporting company receives your dispute letter,
they are required to send it to the credit information provider that gave
them the bad information and request that it be investigated or reviewed
and report back to the consumer credit reporting company promptly. If
the credit information provider finds that the information is not accurate,
then they must notify the three national consumer credit reporting companies
so that all of the reports on you can be corrected. If they fail
to do that on time, or if they insist that information is accurate which
is just plain wrong, then you have a right to sue the company directly.
When the credit investigation is completed, the consumer credit reporting
company must give you the results and another free copy of your credit
report if the dispute causes them to change your credit record.
However, watch out! Even though negative credit information may
be disputed and removed from your credit record, the credit information
provider can report the information again and it could end up back on
your record and a few months. Any time you get something removed
from the record which was inaccurate, you should follow up with another
look at your credit record 90 days later to make sure that it has not
been reinserted back on your credit record.
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What If They Will Not Take It Off My Credit Record?
If you have asked the consumer credit reporting company to investigate
and remove incorrect information, and they report back to you within 30
days that they have been told the information is correct, then you still
have the right to ask that they put your version of truth on your credit
record. This is called a "statement of the dispute". Once
that is on your credit record, then any future request for your credit
report is required to be given a copy of your dispute statement. That
way they get both sides of the argument. The consumer credit reporting
service has the right to charge you a reasonable fee for putting your "statement
of the dispute" on your credit record, but it is worth it.
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How Long Can Negative Information Stayed On My Credit Report?
Most negative credit information can be kept on your consumer credit
report for seven years. Bankruptcy information can be kept on your
consumer credit report for 10 years.
Criminal convictions can stay on a consumer credit report indefinitely. If
you apply for credit that is more than $150,000, or life insurance for
at least that much, then the credit application (or insurance application)
information can be reported to the credit bureau and it can stay on your
credit record indefinitely.
Lawsuit information or unpaid judgment information can stay on your credit
report for seven years.
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Can Old Credit Information End Up On My Credit Report Again?
Once the time limit has run out for information that is on your credit
report to be maintained by the credit reporting agency, they are supposed
to remove it. They usually do that exactly when they are required.
However, some credit collection companies "reinsert" old credit
information on current records, as a way of trying to get you to pay your
bill long after they could legally make you do that. Watch out for
this. It is generally illegal and you have a right to sue
them for it.
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Who Can Get a Copy of My Credit Report?
The only people who have a legitimate need and interest in your credit
information have a right to get from the consumer credit report agency. This
would be credit card companies, banks, and other financing institutions
that you have applied for credit from. It could also include insurance
companies and perspective employers or landlords.
Other than that, your credit report information is private and the credit
reporting agency is not supposed to give it to anyone.
However, your current employer can get a copy of your credit report
only if you agree. A perspective employer must have your written
consent to get a copy of your credit report.
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